RCES Exercise 23-11 23 Condensed financial data of Marigold Company for 2017 and 2016 are presented belovw MARIGOLD COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 2016 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) $1,760 $1,180 1,780 1,280 1,610 1,920 1,880 1,660 (1,220) (1,190) 1,3101,400 $7,120 $6,250 $880 240 1,390 1,540 1,910 1.730 2,460 1.860 $7,120$6,250 $1,170 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings 190 MARIGOLD COMPANY MARIGOLD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains $7,020 4,780 2,240 910 1,330 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 70 1,400 y 540 860 260 $600 Additional information: During the year, $80 of common stock was issued in exchange for plant assets. No plant assets were sold i repare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow w (15,000).)