Exercise 12-7 Shown below are comparative balance sheets for Blossom Company. 2016 $ 33,462 115,596 Blossom Company Comparative Balance Sheets December 31 Assets 2017 Cash $ 103,428 Accounts receivable 133,848 Inventory 254,007 Land 121,680 Equipment 395,460 Accumulated depreciation-equipment (100,386 ) Total $908,037 Liabilities and Stockholders' Equity Accounts payable $ 59,319 Bonds payable 228,150 Common stock ($1 par) 328,536 Retained earnings 292,032 Total $908,037 287,469 152,100 304,200 (48,672 ) $844,155 $ 65,403 304,200 264,654 209,898 $844,155 Additional information: 1. Net income for 2017 was $141,453. 2. Depreciation expense was $51,714. 3. Cash dividends of $59,319 were declared and paid. 4. Bonds payable amounting to $76,050 were redeemed for cash $76,050. 5. Common stock was issued for $63,882 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts the either a sign e.g. -45,000, or in parenthesis e.g. (45,000)). Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts th either a - sign e.g. -45,000, or in parenthesis e.g. (45,000)). Blossom Company Statement of Cash Flows Adjustments to reconcile net income to LINK TO TEXT VIDEO: SIMILAR EXERCISE