Problem 5-7 Metlock Inc. had the following balance sheet at December 31, 2016. METLOCK INC. BALANCE SHEET DECEMBER 31, 2016 Cash $ 24,890 Accounts payable $ 34,890 Accounts receivable 26,090 Bonds payable 45,890 Investments 32,000 Common stock 104,890 Plant assets (net) 85,890 Retained earnings 28,090 Land 44,890 $213,760 $213,760 During 2017, the following occurred. 1. Metlock liquidated its available-for-sale investment portfolio at a loss of $9,890. 2. A tract of land was purchased for $42,890. 3. An additional $30,000 in common stock was issued at par. 4. Dividends totaling $14,890 were declared and paid to stockholders. 5. Net income for 2017 was $39,890, including $16,890 in depreciation expense. 6. Land was purchased through the issuance of $34,890 in additional bonds. 7. At December 31, 2017, Cash was $75,090, Accounts Receivable was $46,890, and Accounts Payable was $44,890. Prepare a statement of cash flows for the year 2017 for Metlock. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) METLOCK INC. Statement of Cash Flows $ Adjustments to reconcile net income to $ $ Land purchased through issuance of $ of bonds SHOW LIST OF ACCOUNTS Prepare the unclassified balance sheet as it would appear at December 31, 2017. (List Assets in order of liquidity.) METLOCK INC. Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ $ SHOW LIST OF ACCOUNTS Compute Metlocks free cash flow and current cash debt coverage for 2017. (Round current cash debt coverage to 2 decimal places, e.g. 0.56. Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Free cash flow $ Current cash debt coverage :1