The comparative balance sheets and income statement for Jordan Corporation follow Balance Sheets na of December 31 2017 2016 Assets Cash Recounts receivable Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land $ 73,237 33,027 155,147 2,355 250,310 (140,910) 195,280 $ 568,445 $ 40,840 24,220 170,660 4,710 265,210 (232,400) 3,780 $ 377.620 Total assets Liabilities Recounts payable (inventory Salaries payable Stockholders' equity Common stock, $50 par value Retained earning Total liabilities and equity $ 62,689 25,772 71.110 22,090 244,000 235,985 $ 568,446 198,000 86.420 $ 377.620 Income Statement Tor the Year Toded December 31, 2017 Sales $1,503,600 Coat of goods sold (138 255) Gross profit 704,205 Operating expenses Depreciation expense (20,410) Rent expense (24,210) Salaries expense (251,270) other operating expenses 258,60 Net Income $ 149,565 Other Information 1. Purchased land for $111.500. 2. Purchased new equipment for $95,600 3. Sold old equipment that cost $131,100 with accumulated depreciation of $111.900 for $19.200 cash 4. Issued common stock for $46,000. 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.) JORDAN CORPORATION ment of Cash Flowe For the Year Ended December 31, 2017 Cash flows from sporting Add: Increases incurrent and Decreases in current abilities Les merases in our and Decreases in Other Information 1. Purchased land for $111,500. 2. Purchased new equipment for $95,600 3. Sold old equipment that cost $131,100 with accumulated depreciation of $111,900 for $19,200 cash. 4. Issued common stock for $46,000. 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.) JORDAN CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Add: Increases in current assets and Decreases in current liabilities: Loss: Increases in current assets and Decreases in current liabilities: Plus: Noncash charges Cash flows from investing activities: Cash flows from financing activities Ending cash balance