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Tranquility Company, Inc., has the following comparative balance sheet as of March 31, 2017 E: (Click the icon to view the comparative balance sheets.) (Click the icon to view the transaction data.) Requirements 1. Prepare the statement of cash flows for Tranquility 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 supplementary schedule of cash flows from operations using the direct method. noncash investing and financing activities. All of the Requirement 1. Prepare the statement of cash flows for Tranquility Company, Inc., for the year ended March 31, 2017, using the indirect method for operating cash flows. Include a schedule current accounts, except short-term notes payable, result from operating transactions. Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted.) Tranquility Company, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended March 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities Investing Activities: Net cash provided by (used for) investing activities Financing Activities: Net cash provided by (used for) financing activities Net increase (decrease) in cash HO Cash, beginning of the year Cash, end of the year Schedule of Disclosures Noncash investing and financing activities: Total noncash investing and financing activities Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sian for numbers to be subtracted.) Requirement 2. Also prepare a supplementary schedule of cash flows from operations using the direct method. (Use parentheses or a minus sign for numbers to be subtracted.) Tranquility Company, Inc. Statement of Cash FlowsOperating Activities Section (Direct Method) For the Year Ended March 31, 2017 Operating Activities: Net cash provided by (used for) operating activities Balance Sheets A B. D 1 2 Tranquility Company, Inc. Comparative Balance Sheets March 31, 2017 and 2016 3 Increase (Decrease) 4 Assets 2017 2016 5 Current assets: 6 Cash $ 55,000 $ 14,700 $ 7 Accounts receivable 51,200 65,200 53,700 60,400 40,300 (2,500) 4,800 8 Inventory 9 Prepaid insurance 3,700 5,700 (2,000) 10 Total current assets 175,100 134,500 11 12 Land 95,500 (61,000) 34,500 71,800 13 Equipment, net 71,000 800 14 Investments 9,600 7,100 2,500 15 Total assets $ 291,000 $ 308,100 17 Liabilities 18 Current liabilities: 19 Accounts payable 4,300 $ 3,100 1,200 20 Note payable, short-term 43,100 48,800 $ 21 Income tax payable 13,600 15,400 (5,700) (1,800) (2,800) 9,700 12,500 22 Salary payable 23 Interest payable 8,200 7,000 1,200 24 Accrued liabilities 100 3,400 (3,300) 25 Total current liabilities 79,000 90,200 26 27 Long-term liabilities 48,700 93,800 (45,100) 28 Total liabilities 127,700 184,000 29 30 Stockholders' equity 31 Common stock 69,600 61,000 8,600 32 Retained earnings 93,700 63,100 30,600 33 Total stockholders' equity $ 163,300 $ 124,100 34 35 Total liabilities and equity $ 291,000 $ 308,100 x Transactions Selected transaction data for the year ended March 31, 2017, include the following: a. Net income $ 76,200 b. Paid long-term note payable with cash $ 59,900 C. Cash payments to employees. $ 42,000 d. Loss on sale of land.... $ 9,600 e. Acquired equipment by issuing long-term note payable $ 14,800 f. Cash payments to suppliers $ 146,800 g. Cash paid for interest $ 3,600 h. Depreciation expense on equipment $ 14,000 Paid short-term note payable by issuing common I. stock. .... $ 5,700 j. Paid cash dividends $ 45,600 k. Received cash for issuance of common stock $ 2,900 1. Cash received from customers $ 297,500 m. Cash paid for income taxes $ 12,500 n. Sold land for cash $ 51,400 o. Interest received (in cash).. 1,400 p. Purchased long-term investment for cash. 2,500 A A A