Sullivan Company reported the following financial statements for 2016 and 2017: (Click the icon to view the income statement.) : (Click the icon to view the comparative balance sheet.) Compute the following investing cash flows: a. Purchases of plant assets (all were for cash). There were no sales of plant assets. b. Proceeds from the sale of investments. There were no purchases of investments. a. Compute the investing cash flows from purchases of plant assets (all were for cash). There were no sales of plant assets. First enter the formula, and then compute the purchases of plant assets (all were for cash). (For amounts with a $0 balance, make sure to enter "O" in the appropriate cell.) Purchases of | = plant assets b. Compute the investing cash flows from the proceeds from the sale of investments. There were no purchases of investments. First enter the formula, and then compute the proceeds from the sale of investments. (For amounts with a $0 balance, make sure to enter "O" in the appropriate cell.) Proceeds from sale of investments Sullivan Company Income Statement For The Year Ended December 31, 2017 Sales revenues $ 4,840,000 2,840,000 2,000,000 Less: Cost of goods sold Gross profit Less operating expenses: Salaries and wages expense $ Insurance expense 350,000 19,000 70,000 128,000 Depreciation expense Other operating expenses 567,000 $ 1,433,000 Total operating expenses Operating income Plus other income and less other expenses: Interest expense 6,300 Other income and eynences Interest expense 6,300 Other income and expenses 6,300 Total other income and expenses Income before income taxes $ 1,426,700 403,800 Less: Income tax expense Net income $ 1,022,900 Sullivan Company Comparative Balance Sheets December 31, 2017 and 2016 Assets 2017 2016 Current assets: Cash $ 586,000 $ Accounts receivable Inventory 80,000 890,000 4,600 460,000 12,000 230,000 4,600 Prepaid insurance Total current assets $ 1,560,600 $ 706,600 $ Property, plant, and equipment Less: Accumulated depreciation 1,230,000 $ 1,180,000 (278,000) (208,000) 47,000 62,000 2,559,600 $ 1,740,600 Investments $ Total assets Liabilities Current liabilities: Accounts payable 29,000 $ 44,000 7,000 Wages payable Interest payable Income taxes payable 3,000 271,000 26,000 12,000 5,100 37,000 16,000 Other accrued expenses payable Total current liabilities 336,000 $ 114,100 67,000 81,000 Long-term liabilities Total liabilities $ 403,000 $ 195,100 Stockholders' equity Common stock $ Retained earnings 730,000 $ 779,000 1,426,600 766,500 2,156,600 $ 1,545,500 Total stockholders' equity $ $ 2,559,600 $ 1,740,600 Total liabilities and equity