*Problem 23-1 The following are Monty Corp.'s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017 COMPARATIVE BALANCE SHEETS Increase 2017 2016 (Decrease Cash $815,800 $705,800 $110,000 Accounts receivable 1,130,300 1,166,700 36,400 nventory 1,855,300 1,726,900 128,400 Property, plant, and equipment 3,299,700 2,983,700 316,000 (1,175,500) (1,031,700) (143,800) Accumulated depreciation nvestment in Myers Co 37,900 310,800 272,900 Loan receivable 249,100 249,100 $6,485,500 $5.824,300 $661,200 otal assets Accounts payable $1,005,600 $946,600 $59,000 Income taxes payable 29,700 50,400 (20,700 Dividends payable 80,300 99,200 18,900 Lease liabililty 376,400 376,400 Common stock, $1 par 500,000 500,000 Paid-in capital in excess of common stock 1,487,600 1,487,600 Retained earnings 3,005,900 2,740,500 265,400 Total liabilities and stockholders' equity $6,485,500 $5,824,300 $661,200 Additional information: 1. On December 31, 2016, Monty acquired 25% of Myers Co.'s common stock for $272,900. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,091,600 Myers reported income of $151,600 for the year ended December 31, 2017. No dividend was paid on Myers's common stock during the year. 2. During 2017, Monty loaned $276,200 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $27,100, plus interest at 10%, on December 31, 2017 3. On January 2, 2017, Monty sold equipment costing $60,400, with a carrying amount of $37,600, for $39,800 cash 4. On December 31, 2017, Monty entered into a capital lease for an office building. The present value of the annual rental payments is $376,400, which equals the fair value of the building. Monty made the first rental payment of $59,900 when due on January 2, 2018. Net income for 2017 was $345,700 6. Monty declared and paid the following cash dividends for 2017 and 2016 2017 2016 Declared December 15, 2017 December 15, 2016 Paid February 28, 2018 February 28, 2017 Amount $80,300 $99,200 Prepare a statement of cash flows for Monty Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e g. (15,000)