December 31, 2017 Instructions: Note that you cannot alter the struction of this workbook 1. Use the solution tab to answer this question 2. Fill the highlighted cells in the solution tab 3. The wider cells (column B) have dropdown options, select the appropriate one 4. Column D is for your number/amount 5. The formulas are preset. Just input your numbers! 6. Save file name using your full name 7. Submit via blackboard Liabilities and Stockholders' Equity The following information pertain to Lehman College net income: \begin{tabular}{l|rr} \hline Sales revenue & $454,707 \\ \hline Sales discount & $5 & 56,240 \\ \hline Sales return and allowance & $ & 5,687 \\ \hline Beginning inventory & $251,890 \\ \hline Purchases & $511,692 \\ \hline Ending inventory & $628,122 \\ \hline Operating expenses, including depreciation of $46,500 & $ & 58,910 \\ \hline Income tax expense & $ & 27,280 \\ Interest expense & $ & 4,730 \\ \hline Loss on disposal of plant assets & $ & 7,500 \end{tabular} Additional data: 1. New equipment costing $85,000 was purchased for cash during the year 2. Old equipment having an original cost of $57,000 was sold for $1,500 cash 3. Bonds matured and were paid off at face value for cash 4. A cash dividend of $40,350 was declared and paid during the year Instructions Preapare a statement of cash flows using the indirect method