The following are Wildhorse Corp.'s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017. COMPARATIVE BALANCE SHEETS 2017 $813,400 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets 1,136,500 1,844,000 3,278,500 (1,167,200 ) 312,000 252,000 $6,469,200 2016 $698,000 1,156,700 1,698,300 2,954,900 (1,030,800 ) 277,200 Increase (Decrease) $115,400 (20,200 ) 145,700 323,600 (136,400) 34,800 252,000 $714,900 $5,754,300 $956,500 50,000 99,800 $57,800 (19,700 ) (20,100) 383,000 Accounts payable Income taxes payable Dividends payable Lease liabililty Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $1,014,300 30,300 79,700 383,000 500,000 1,492,300 2,969,600 $6,469,200 500,000 1,492,300 2,655,700 $5,754,300 313,900 $714,900 Additional information: 1. On December 31, 2016, Wildhorse acquired 25% of Myers Co.'s common stock for $277,200. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,108,800. Myers reported income of $139,200 for the year ended December 31, 2017. No dividend was paid on Myers's common stock during the year. 2. During 2017, Wildhorse loaned $284,000 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $32,000, plus interest at 10%, on December 31, 2017. 3. On January 2, 2017, Wildhorse sold equipment costing $59,400, with a carrying amount of $38,200, for $39,600 cash. 4. On December 31, 2017, Wildhorse entered into a capital lease for an office building. The present value of the annual rental payments is $383,000, which equals the fair value of the building. Wildhorse made the first rental payment of $59,800 when due on January 2, 2018. 5. Net income for 2017 was $393,600. 6. Wildhorse declared and paid the following cash dividends for 2017 and 2016. Declared Paid Amount 2017 December 15, 2017 February 28, 2018 $79,700 2016 December 15, 2016 February 28, 2017 $99,800 Prepare a statement of cash flows for Wildhorse Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) WILDHORSE CORP. Statement of Cash Flows Adjustments to reconcile net income to
