the comparitive balance sheets for spicer company as of December 31 are presented below

l T-Mobile Wi-Fi 12:33 PM 58%-). P12-11A The comparative balance sheets for Spicer Company as of December 31 are presented below SPICER COMPANY Comparative Balance Sheets December 31 Assets 2016 2017 Cash $ 68,000 $45,000 Accounts receivable 50,000 58,000 Inventory 151,450 142,000 Prepaid expenses 15,280 21,000 Land 145,000 130,000 Buildings 200,000 200,000 Accumulated (60,000) (40,000) depreciation- buildings Equipment 225,000 155,000 Accumulated 45.000) (35,000) depreciation- equipment $749,730 $676,000O Total Liabilities and Eauitv 618 Reader Contents Notebook Bookmarks More l T-Mobile Wi-Fi 12:33 PM 58%-). Equity Accounts pavable $44,730 36,00o Bonds payable 300,000 300,000 Common stock, $1 par 200,000 160,oo0 Retained earnings 205,000 180,000 Total $749,730 $676,000 Additional information: 1. Operating expenses include depreciation expense of $42,000. 2. Land was sold for cash at book value. Cash dividends of $12,000 were paid. 3. 4. Net income for 2017 was $37,000. 5. Equipment was purchased for $92,0oo cash. In addition, equipment costing $22,000 with a book value of $10,000o was sold for $8,000 cash. 6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000 Instructions Prepare a statement of cash flows for the year 618 Reader Contents Notebook Bookmarks More ..1 T-Mobile Wi-Fi 12:33 PM 58%-). Additional information: 1. Operating expenses include depreciation expense of $42,000 2. Land was sold for cash at book value. 3. Cash dividends of $12,000 were paid. 4. Net income for 2017 was $37,000. 5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000o was sold for $8,00o cash. 6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000 Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method Net cash provided-oper. act. $94,000 Identify the impact ojf transactions on free cash flow (LO 3), C 618 Reader Contents Notebook Bookmarks More