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Problem 17-9A Your answer is partially correct. Try again. Condensed financial data of Cheng Inc. follow. CHENG INC. Comparative Balance Sheets December 31 Assets 2017 Cash $105,400 Accounts receivable 91,000 Inventory 111,400 Prepaid expenses 29,700 Investments 139,800 Equipment 264,500 Accumulated depreciation-equipment (46,900) Total $694,900 2016 $48.900 33,700 101,900 25,100 114,100 241,200 (51,600) $513,300 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,400 16,400 119,400 220,100 227,600 $694,900 $67,300 17,300 150,000 175,300 103,400 $513,300 $392,600 CHENG INC. Income Statement For the Year Ended December 31, 2017 Sales revenue Less: Cost of goods sold $135,400 Operating expenses, excluding depreciation 12,500 Depreciation expense 31,500 Income tax expense 27,900 Interest expense 4,400 Loss on disposal of plant assets 7,500 Net income 219,200 $173,400 Additional information: 1. New equipment costing $79,900 were purchased for cash during the year. 2. Old equipment having an original cost of $56,600 was sold for $12,900 cash. 3. Bonds matured and were paid off at face value for cash. 4. A cash dividend of $49,200 was declared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CHENG INC. Statement of Cash Flows For the Year Ended December 31, 2017 V Cash Flows from Operating Activities Net Income 173400 173400 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense 31500 Loss on Sale of Plant Assets T 335300 Increase in Accounts Receivable T -57300 | | Increase in Prepaid Expenses Increase in Inventory 1 T - 4600 -9500 Increase in Accounts Payable 44100 Decrease in Accrued Expenses Payable T -900 338600 Net Cash Used by Operating Activities v 512000 Net Cash Provided by Investing Activities Purchase of Plant Assets -79900 T Sale of Plant Assets y T 12900 Purchase of Investments 1 -25700 Net Cash Used by Financing Activities -92700 Cash Flows from Financing Activities | Redemption of Bonds T -30600 Payment of Cash Dividends T -49200 Redemption of Common Stock T 44800 Net Cash Used by Financing Activities -35000 Net Increase in Cash Cash at Beginning of Period Cash at End of Period