The Jasper Corporation provides you with the following information for the year ended 12/31/17:

Income Statement Information:

Sales revenue $ 300,000

Cost of goods sold 80,000

Gross margin 220,000

Depreciation expense 47,000

Uncollectible accounts expense 1,500

Pension expense 19,000

Other expense 25,500

Interest expense 3,000

Gain on the sale of equipment (2,000)

Income tax expense 65,000 159,000

Net Income $ 61,000

Balance Sheet Information

12/31/16 12/31/17

Cash $ 16,000 $ 36,000

Accounts Receivable 56,000 52,000

Allowance for Doubtful Accounts (6,000) (5,000)

Inventory 83,000 84,000

Equipment 85,000 82,000

Accumulated Depreciation (6,000) (7,000)

Total $228,000 $242,000

Accounts Payable $ 36,000 $ 46,000

Income Taxes Payable 66,000 48,000

Interest Payable 2,000 1,000

Notes Payable, long term 30,000 0

Accrued Pension Liability 4,000 2,000

Deferred Tax Liability 14,000 18,000

Common Stock, no par 70,000 80,000

Retained Earnings 6,000 47,000

Total $228,000 $242,000

Additional Information:

Equipment costing $66,000 was sold. New equipment was purchased, and $10,000 of common stock was issued in partial payment for the new equipment.

a. Prepare a Statement of Cash Flows for Jasper Corporation for 2017 using the direct method. You must prepare all supplementary schedules that would be required disclosures under the direct method.

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