Graphic 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, $76,800
b. Paid long-term note payable with cash, $59,600
c. Cash payments to employees, $42,700
d. Loss on sale of land, $9,200
e. Acquired equipment by issuing long-term note payable, $14,200
f. Cash payments to suppliers, $145,600
g. Cash paid for interest, $3,000
h. Depreciation expense on equipment, $13,100
i. Paid short-term note payable by issuing common stock, $5,300
j. Paid cash dividends, $45,600
k. Received cash for issuance of common stock, $2,200
l. Cash received from customers, $295,200
m. Cash paid for income taxes, $11,600
n. Sold land for cash, $52,300
o. Interest received (in cash), $1,800
p. Purchased long-term investment for cash, $2,900
Requirements
1. Prepare the statement of cash flows for Graphic 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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Graphic Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 Increase Assets 2017 2016 4 (Decrease) 5 Current assets: 6 Cash Accounts recelvable 8 Inventory 9 Prepald insurance Total current assets 55,400 S 51,600 64,900 4,100 176,000 S 40.500 (1,700) 5,100 (1.200) 14,900 53,300 59,800 5,300 133,300 10 11 12 Land 13 Equipment, net 14 Investments 15 Total assets 16 17 18 Current labilities: 19 Accounts payable 20 Note payable, short-tem 21 Income tax payable 22 Salary payable 23 Interest payable 24 Accrued llabilitles Total current llabilitles 95,500 70,400 6,900 306,100 34,000 71,500 9,800 291,300 S (61,500) 1,100 2,900 Liabilities 4,900 $ 43,200 13,800 9,400 8,200 2,600 82,100 S 3,500 48,500 15,100 12,400 7,000 3,700 90,200 1,400 (5.300) (1,300) (3,000) 1,200 (1,100) IS 25 26 27 Long-term llabilitles 28 Total liabilitles 29 48,300 130,400 S 93,700 183,900 (45,400) Stockholders' equity 30 31 Common stock 32 Retalned eamings 33 Total stockholders' equity 69,400 91,500 160,900 $ 61,900 60,300 122,200 1,500 31,200 34 35 Total labilitles and equity 291,300 $ 306,100 36