SHERIDAN 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 $6,670 4,640 2,030 930 1,100 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 80 1,180 550 630 260 $370 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017 Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,00O).) Prepare the statement of cash flows 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).) SHEFFIELD COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities4 Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Loss on Sale of Machinery Decrease in Accounts Receivable Increase in Inventory Increase in Accounts Payable Cash Flows from Financing Activities Redemption of Bonds Payable Issuance of Capital Stock Payment of Cash Dividends -260 Net Cash Used by Financing Activities Net Increase in Cash 640 Cash at Beginning of Period 1140 Cash at End of Period 1780 Noncash Investing and Financing Activities Issuance of Common Stock for Plant Assets Click if you would like to Show Work for this question: Open Show Work