Sunland Inc., a greeting card company, had the following statements prepared as of December 31, 2017 SUNLAND INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash Accounts receivable Short-term debt investments (available-for-sale) Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets $5,900 $6,900 51,200 18,000 59,700 4,100 152,700 130,200 61,400 34,700 40,200 5,000 (35,400) (25,000) 45,700 49,900 $310,200 $295,000 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 $46,300 $40,400 6,000 3,900 10,100 69,400 100,000 100,000 30,000 35,200 $310,200 $295,000 3,900 8,100 8,100 60,200 30,000 53,600 SUNLAND INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income $335,075 175,200 159,875 120,100 39,775 $11,400 2,000 9,400 30,375 6,075 $24,300 Additional information: 1. Dividends in the amount of $5,900 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 $20,100 and was 70% depreciated was sold during 2017 SUNLAND INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Cash Received from Customers 335075 Cash Payments to Suppliers Cash Payments for Operating Expenses Cash Payments for Interest Cash Payments for Income Taxes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Purchase of Equipment Sale of Available-for-Sale Investmentsv Net Cash Used by Investing Activities Cash Flows from Financing Activities Principal Payment on Short-term Loan Principal Payment on Long-term Loan Cash Flows from Financing Activities v Principal Payment on Short-term Loan Principal Payment on Long-term Loan Dividend Payments Net Cash Used by Financing Activities v Net Decrease in Cash Cash at Beginning of Period Cash at End of Period k for this question: Open Show Work