Exercise 23-11 Condensed financial data of Martinez Company for 2017 and 2016 are presented below. 2016 MARTINEZ COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 Cash $1,780 Receivables 1,760 Inventory 1,620 Plant assets Accumulated depreciation (1,210 ) Long-term investments (held-to-maturity) 1,330 $7,190 $1,170 1,280 1,880 1,670 (1,160 ) 1,440 $6,280 dy Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings $1,230 210 1,370 1,920 2,460 $7,190 $920 250 1,560 1,680 1,870 $6,280 $6,820 4,600 MARTINEZ COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense 2,220 910 1,310 80 1,390 540 $7,190 $6,280 MARTINEZ COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $6,820 4,600 2,220 910 1,310 y. Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business 80 1,390 540 850 260 $590 Additional information: During the year, $70 of common stock was issued in exchange for plant assets. No plant asse Prepare a statement of cash flows using the indirect method. (Show amounts that decreasi MARTINEZ COMPANY Statement of Cash Flows (Indirect Method) Adiustments to recon net income to