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Gonzalvo Corporation: Preparation of a Statement of Cash Flows and a Balance Sheet Preparation of a Statement of Cash Flows and a Balance Sheet Gonzalvo Corporation's balance sheet at the end of 2016 included the following items. Current assets Land Building Equipment Accum depr.-building Accum depr.-equipment Patents Total $282,000 36.000 144,000 108.000 (36,000) (13,200) 48,000 $568,800 Current liabilities Bonds payable Common stock Retained earnings Total $180.000 120.000 216,000 52,800 5568,800 The following information is available for 2017 1. Treasury stock was purchased at a cost of $13,200. 2. Cash dividends of $36,000 were declared and paid. 3. A long-term investment in stock was purchased for $19.200. 4. Current assets other than cash increased by $34,800. Current liabilities increased by $15,600 5. Depreciation expense was $1,800 on the building and $10,800 on equipment. 6. Net income was $66,000 7. Bonds payable of $60,000 were issued 8. An addition to the building was completed at a cost of $32,400 9. Patent amortization was $3,000 10. Equipment (cost $24,000 and accumulated depreciation 89,600) was sold for $12.000 Instructions (a) Prepare a statement of cash flows for 2017 th) Prepare a balance sheet at December 31, 2017 MacBook Pro DW 80 F 57 F4 76 * * $ % 5 & 7 9 8 0 3 4 6 E R O T T Y U