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Shown below are comparative balance sheets for Bridgeport Company. Bridgeport Company Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Land Equipment
Shown below are comparative balance sheets for Bridgeport Company. Bridgeport Company Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment (139,656) (67,712) $143,888 46,552 160,816 399,924 211,600 423,200 186,208 353,372 169,280 550,160 $1,263,252 $1,174,380 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $82,524$90,988 423,200 368,184 292,008 $1,263,252 $1,174,380 317,400 457,056 406,272 Additional information: 1. Net income for 2017 was $196,788. 2. Depreciation expense was $71,944 3. Cash dividends of $82,524 were declared and paid. 4. Bonds payable amounting to $105,800 were redeemed for cash $105,800. 5. Common stock was issued for $88,872 cash. 6. No equipment was sold during 2017 7. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g (45,000))
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