SOURCES inments 9 2020) Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2017 (Part on) y Study SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,000 $6,900 Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17,900 Inventory 40,300 59,500 Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35,200 ) (24,700 ) Copyrights 45,600 50,500 Total assets $312,400 $294,700 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders' equity $45,500 $40,000 4,000 6,100 8,000 3,900 8,000 9,900 59,400 68,800 100,000 100,000 30,000 30,000 57,500 36,000 $312,400 $294,700 Total liabilities & stockholders' equity $312,400 $294,700 MENT RESOURCES 23 Assignments 13 - Spring 2020) ise 23-1 ise 23-14 ise 23-17 (Part Submission em 23-2 Score Results by Study ve SKYSONG INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross pront Operating expenses Operating income Interest expense $11,600 Gain on sale of equipment 1,900 Income before tax Income tax expense Net Income $337,300 174,000 163,300 119, 100 44,200 9,700 34,500 6,900 $27,600 Additional information: 1. Dividends in the amount of $6,100 were declared and paid during 2017 2. Depreciation expense and amortization expense are included in operating expenses. 3. No unrealized gains or losses have occurred on the investments during the year. 4. Equipment that had a cost of $20,000 and was 70% depreciated was sold during 2017 Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign .g. - 15,00 SKYSONG INC. Statement of Cash Flows