Reference no: EM132134603
Question - Indigo Corporation's balance sheet at the end of 2016 included the following items.
Current assets (Cash $82,000) $236,770
Current liabilities $151,770
Land 31,770
Bonds payable 101,770
Buildings 121,770
Common stock 181,770
Equipment 91,770
Retained earnings 45,770
Accum. depr.-buildings (31,770)
Total $481,080
Accum. depr.-equipment (11,000)
Patents 41,770
Total $481,080
The following information is available for 2017.
1. Net income was $55,870.
2. Equipment (cost $21,770 and accumulated depreciation $9,770) was sold for $11,770.
3. Depreciation expense was $5,770 on the building and $10,770 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,770.
6. An addition to the building was completed at a cost of $28,770.
7. A long-term investment (Equity) in stock was purchased for $16,000.
8. Bonds payable of $51,770 were issued.
9. Cash dividends of $30,000 were declared and paid.
10. Treasury stock was purchased at a cost of $11,000.
Prepare a statement of cash flows for 2017.
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