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Practice Do It! Review 1 Pharoah Company reported the following information for 2017 Pharoah Company Comparative Balance Sheets December 31 Change 2016 Increase/Decrease 2017 $56,430 62,220 43,780 Assets $36,140$20,290 Increase 21,910 40,310 Increase 43,780 Increase 2,060 Increase 69,60015,130 Decrease Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings (20,910)(13,940) 6,970 Increase Equipment Accumulated depreciation-equipment (28,260)(9,930) 18,330 Increase 3,970 6,030 198,740 198,740 185,04068,030117,010 Increase 54,470 $557,540 $374,520 Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings $3,040 Increase 9,940 Decipase 49,970 Decrease 231,31059,970171,340 Increase 68,550 Increase $43,380$40,340 9,940 99,990 149,960 0 182,860114,310 $557,540 $374,520 Totals Pharoah Company Income Statement For the Year Ended December 31, 2017 $938,730 Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of equipment1,980 719,680 $476,560 229,040 12,100 Income before income taxes Income tax expense Net income 219,050 65,170 $153,880 Additional information 1. Operating expenses include depreciation expense of $39,910. 2. Land was sold at its book value for cash 3. Cash dividends of $85,330 were dedared and paid in 2017 Equipment with a cost of $167,650 was purchased for cash. Equipment with a cost of $50,640 and a book value of $36,030 was sold for $34,050 cash 5. Bonds of $49,970 were redeemed at their face value for cash 6. Common stock ($1 par) of $171,340 was issued for cash use this idwmation to prepare a statement of ost ws using the indirect method (Show amounts that decrease cash flow with either a sion eg. 15,000 or in parenthesis eq. (15,000 ) Use this information to prepare a statement of cash flews using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g.-15,000 or in parenthesis e.g. (15,000), Statement of Cash Method Adjustments to reconcile net income to