Marshall Sign Company, Inc., has the following comparative balance sheet as of March 31, 2017.

Selected transaction data for the year ended March 31, 2017, include the following:
a. Net income ....................................................................................................... $ 77,100
b. Paid long-term note payable with cash ............................................................ $ 59,500
c. Cash payments to employees ........................................................................... $ 41,800
d. Loss on sale of land ............................................................................................ $ 9,900
e. Acquired equipment by issuing long-term note payable ................................. $ 15,100
f. Cash payments to suppliers .............................................................................. $145,700
g. Cash paid for interest .......................................................................................... $ 3,200
h. Depreciation expense on equipment ................................................................. $ 13,800
i. Paid short-term note payable by issuing common stock ..................................... $ 4,800
j. Paid cash dividends ........................................................................................... $ 45,400
k. Received cash for issuance of common stock .................................................... $ 2,600
l. Cash received from customers .......................................................................... $296,100
m. Cash paid for income taxes .............................................................................. $ 12,200
n. Sold land for cash .............................................................................................. $ 52,100
o. Interest received (in cash) .................................................................................... $ 1,900
p. Purchased long-term investment for cash ............................................................ $ 3,200
Requirements
1. Prepare the statement of cash flows for Marshall Sign Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts, except short-term notes payable, result from operating transactions.
2. Also prepare a schedule of cash flows from operations using the direct method.

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Marshall Sign Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 Increase 4 (Decrease) Assets 2017 2016 5 Current as sets: Cash Accounts recelvable 8 Inventory 9 Prepald Insurance Total current assets 55,900 $ 51,600 65,100 4,100 176,700 S 41,700 (1,600) 5,000 (1,400) 14,200 53,200 60,100 5,500 133,000 10 11 35,500 71,600 10,100 293,900 S 97,500 70,300 6,900 307,700 (62,000) 1,300 3,200 12 Land 13 Equlpment, net 14 Investments 15 Total assets 16 Ljabilitjes 17 18 Current labilitles: 19 Accounts payable 20 Note payable, short-term 21 Income tax payable 22 Salary payable 23 Interest payable 24 Accrued labilitles 25 26 27 Long-term llabilitles 28 Total llablitles 29 30 31 Common stock 32 Retalned earnings 33 Total stockholders' equity 4,700 S 43,200 13,900 9,400 1,200 (4,800) (1,700) (2,800) 1,000 (1,400) 3,500 48,000 15,600 12,200 7,400 3,300 90,000 8,400 1,900 Total current liabilities 81,500 $ 49,000 130,500 $ 93,400 183,400 (44,400) Stockholders' equity 61,600 62,700 7,400 31,700 69,000 94,400 163,400 $ 124,300 34 307,700 293,900 S 35 Total llablitles and equity 36