Reference no: EM131643513

Question - The March 2016 and 2017 comparative Balance Sheet for UMUC Corporation is shown below:  UMUC Corporation Comparative Balance Sheets   31-Mar Increase   2017 2016 (Decrease) Current assets:     Cash $28,300 $8,700 $19,600 Accounts receivable 60,000 33,200 $26,800 Inventories 69,200 61,400 $7,800 Prepaid expenses 1,500 2,800 ($1,300) Long-term investment 11,000 6,500 $4,500 Equipment, net 74,200 73,800 $400 Land 43,100 95,600 ($52,500) $287,300 $282,000 $5,300 Current liabilities:     Notes payable, short-term $14,200 $19,200 ($5,000) Accounts payable 44,100 42,600 $1,500 Income tax payable 14,200 16,800 ($2,600) Accrued liabilities 23,900 28,500 ($4,600) Interest payable 5,100 9,200 ($4,100) Salary payable 3,500 2,800 $700 Long-term note payable 57,000 104,400 ($47,400) Common stock 68,000 52,600 $15,400 Retained earnings -9,100 5,900 ($15,000)   $220,900 $282,000 ($61,100)  

Additional information: Transaction data for the year ended June 30, 2017

a. Net income $ 66,400

b. Depreciation expense on equipment 13,700

c. Purchased long-term investment 4,500

d. Sold land for cash 45,400 Loss on sale of land 7,100

e. Acquired equipment by issuing long-term note payable 14,100

f. Paid long-term note payable 61,500

g. Received cash for issuance of common stock 10,400

h. Paid cash dividends 15,000

i. Paid short-term note payable by issuing common stock 5,000

Requirement - Prepare the statement of cash flows of UMUC Corporation for the year ended March 31, 2017 using the indirect method to report operating activities.