Data for Granger Inc. are presented in P12-9A. Further analysis reveals that accounts payable pertain to merchandise creditors.

In P12-9A,

Condensed financial data of Granger Inc. follow.

Additional information:
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.
Instructions
Prepare a statement of cash flows for Granger Inc. using the direct method.

GRANGER INC. Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable 80,800 87,800 112,500 28,400 138,000 285,000 (50,000) $682,500 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 Prepaid expenses Long-term investments Plant assets Total Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $102,000 16,500 110,000 220,000 234,000 67,300 21,000 146,000 175,000 105,450 $514,750 $682,500 GRANGER INC. Income Statement Data For the Year Ended December 31, 2017 Sales revenue Less: $388,460 Cost of goods sold Operating expenses, excluding $135,460 Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets 12,410 46,500 27,280 4.730 233,880 $154,580 Net income