the following are selected ledger accounts of Blue spruced at December 31 2017

Exercise 5-17 The comparative statement of financial position of Culver Inc. as at June 30, 2017, and a statement of comprehensive income for the 2017 fiscal year follow: CULVER INC. Statement of Financial Position June 30, 2017 June 30 Assets 2017 2016 Cash $ 16,800 $ 31,920 Accounts receivable 72,240 62,160 Inventory 86,520 85,680 Prepaid expenses 1,680 5,040 Fair Value-oci Investments 39,480 37,800 Equipment 145,320 133,560 Accumulated depreciation (29,400) (21,000) Total $332,640 $335,160 Liabilities and shareholders' Equity Accounts payable $ 96,600 $ 14,000 Income taxes payable 1.680 2,520 Dividends payable 4,200 0 Long-term notes payable 70,560 99,960 Common shares 26,040 20,160 Retained earnings 124,320 120,960 Accumulated other comprehensive income 9,240 7,560 Total 5332,640 $335,160 HURCES CULVER INC. Statement of Comprehensive Income For the Year Ended June 30, 2017 Net sales $271,320 Cost of goods sold 147,000 Gross profit 124,320 Operating expenses 100,800 Income from operations 23,520 Interest expense 7,560 Income before income taxes 15,960 Income taxes 5,040 Net Income 10,920 Other comprehensive income Unrealized gain on FV-OCI Investments 1,680 Comprehensive income $ 12,600 Additional information: 1. Culver follows IFRS. Assume that interest is treated as an operating activity for purposes of the statement of cash flows. 2. Operating expenses include $8,400 in depreciation expense. 3. There were no disposals of equipment during the year. 4. Common shares were issued for cash 5. During the year, Culver acquired $6,720 of equipment in exchange for long-term notes payable. (a) CULVER INC. Statement of Cash Flows For the Year Ended June 30, 2017 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash provided by operating activities: > > A A A