Using financial statements to prepare a statement of cas 8aows-Indirect method balance sheets and income statements for Gypy Company follw Balance Sheets As of December 31 2017 2016 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation--equipment Land $ 32,500 4,750 11,200 45,000 (17,800) 28,000 $16,300 2,800 9,800 52,000 (21,800) 12,000 $103.650 $71100 Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings s 3,750 5,800 47,000 47,100 $103.650 $ 4,900 7,800 25,000 33,400 $71.100 Total liabilities and equity Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross margin Depreciation expense Operating income Gain on sale of equipment Loss on disposal of land Net income $61,200 24,500) 36,700 (12,000) 24,700 1,500 (100) $26,100