The comparative balance sheets and an income statement for Gibson Corporation follow: Balance Sheets As of December 31 Year 2 Year 1 Assets Cash Accounts receivable Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land Total assets Liabilities Accounts payable (inventory) Salaries payable Stockholders' equity Common stock, $50 par value Retained earnings Total liabilities and equity $ 60,675 27,614 156,047 2,485 249, 480 (136,850) 191,680 $ 551,131 $ 40,460 20, 250 171,650 4,970 285,880 (230, 850) 76, 780 $. 369, 140 74,800 24,830 $ 65,942 28,968 246,500 209, 221 $551, 131 198,500 71,010 $ 369, 140 Income Statement For the Year Ended December 31. Year 2 Sales $1,499.00 Cost of goods sold 296691 Gross profit 702331 Operating expenses Depreciation expense 22.400) Rent expense (as.24 Solaris expose 250 e Other operating the Net Inco Other information Check 1. Purchased land for $114,900. 2. Purchased new equipment for $98,000 3. Sold old equipment that cost $134.400 with accumulated depreciation of $116,400 for $18.000 cash. 4. Issued common stock for $48.000 Required Prepare the statement of cash flows for 2017 using the indirect method(Amounts to be deducted and cash outflows should be indicated by a minus sign.) GIBSON CORPORATION Statement of Cash Flowe For the Year Ended December 31, Year 2 Cash flows from operating activities Add: Decrease in current assets and increases in current liabilities La Increases in Current assets and Decreases incurrent att Proces charges Cash on tromwing activities ITT No Less: Increases in current assets and Decreases in current liabilities: Plus: Noncash charges nes 0 Cash flows from investing activities 0 Cash flows from financing activities: 0 0 D Ending cash belong