Vaughn Inc. had the following balance sheet at December 31, 2016. Cash Accounts receivable Investments Plant assets (net) Land VAUGHN INC. BALANCE SHEET DECEMBER 31, 2016 $24,640 Accounts payable 25,840 Notes payable (long-term) 36,640 Common stock 81,000 Retained earnings 44,640 $212,760 $34,640 45,640 104,640 27,840 $212,760 During 2017, the following occurred. 1. Vaughn Inc. sold part of its investment portfolio for $18,399. This transaction resulted in a gain of $6,799 for the firm. The company classifies its investments as available- for-sale. 2. A tract of land was purchased for $17,640 cash. 3. Long-term notes payable in the amount of $19,399 were retired before maturity by paying $19,399 cash. 4. An additional $23,399 in common stock was issued at par. 5. Dividends of $11,599 were declared and paid to stockholders. 6. Net income for 2017 was $36,640 after allowing for depreciation of $14,399. 7. Land was purchased through the issuance of $39,640 in bonds. 8. At December 31, 2017, Cash was $41,640, Accounts Receivable was $46,240, and Accounts Payable remained at $34,640. Prepare a statement of cash flows for 2017. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) VAUGHN INC. Statement of Cash Flows Adjustments to reconcile net income to Land purchased through issuance of $L of bonds