Problem 5-6 Lansbury Inc. had the following balance sheet at December 31, 2016 LANSBURY INC. BALANCE SHEET DECEMBER 31, 2016 $20,000 Accounts payable Cash Accounts receivable Investments Plant assets (net) Land $30,000 41,000 100,000 23,200 $194,200 21,200 Notes payable (long-term) 32,000 Common stock 81,000 Retained earnings 40,000 $194,200 During 2017, the following occurred 1. Lansbury Inc. sold part of its investment portfolio for $15,000. This transaction resulted in a gain of $3,400 for the firm. The company classifies its investments as available-for-sale. 2. A tract of land was purchased for $13,000 cash. 3. Long-term notes payable in the amount of $16,000 were retired before maturity by paying $16,000 cash 4. An additional $20,000 in common stock was issued at par. 5. Dividends of $8,200 were declared and paid to stockholders. 6. Net income for 2017 was $32,000 after allowing for depreciation of $11,000 7. Land was purchased through the issuance of $35,000 in bonds. 8. At December 31, 2017, Cash was $37,000, Accounts Receivable was $41,600, and Accounts Payable remained at $30,000. Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) LANSBURY INC. Statement of Cash Flows Adjustments to reconcile net income to search