The comparative balance sheets and income statement for Finch Company follow. Balance Sheet As of December 31 2017 2016 Assets Cash Accounts receivable Taventory Equipment Acumulated depreciation Equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earning Total Liabilities and equity $ 23,43 1.975 6,199 16,307 (8,091) 17.117 $55,945 $ 2,888 1,185 5,812 41,247 (18,660) $44,139 $ 2.691 2,737 21,600 29.917 $ 56.945 $4,250 6,255 11,500 22.134 546,139 Thcon Statement For the Year Ended December 31, 2017 Sales revenue 5 30,960 Coat of goods sold (12.263) Gross margin 18,677 Depreciation expense (3.641) Operating income 15,236 Gain on sale of equipent Loes on disposal of land et income $ 15,685 500 Additional Data 1. During 2017, the company sold equipment for $18,190, k had original cost $31700. Accumulated depreciation on this equipment was $14.010 at the time of the sale. Also, the company purchased equipment for $6760 cash 2. The company sold land that had cost $4,650. This land was sold for $4,600, resulting in the recognition of a $50 loss. Also, common stock was issued in exchange for title to land that was valued at $10,300 at the time of exchange. 3. Pald dividends of $7,843. Required Prepare a statement of cash flows using the indirect method. (Amounts to be deducted and cash outfiows should be indicated by a minus sign.) FINCH COMPANY Subement of Cash Flow For the Year Ended December 31, 2017 Cashflows from pinga Les herred Pas Noces charges Additional Data 1. During 2017, the company sold equipment for $18,190; it had originally cost $31700. Accumulated depreciation on this equipment was $14,010 at the time of the sale. Also, the company purchased equipment for $6,760 cash, 2. The company sold land that had cost $4,650. This land was sold for $4,600, resulting in the recognition of a $50 loss. Also, common stock was issued in exchange for title to land that was valued at $10,100 at the time of exchange. 3. Paid dividends of $7,843. Required Prepare a statement of cash flows using the Indirect method. (Amounts to be deducted and cash outflows should be indicated by a minus sign.) FINCH COMPANY Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Loss: Increase Decrease in current assets and current liabilities: Plus: Noncash charges Cash flows from investing activities Cash flows from financing activities: Ending cash balance Schedule of noncash investing and financing activities