Exercise 12-7 Shown below are comparative balance sheets for Flint Corporation. Flint Corporation Comparative Balance Sheets December 31 Assets 2017 Cash $ 201,348 Accounts receivable 260,568 Inventory 494,487 Land 236,880 Equipment 769,860 Accumulated depreciation equipment (195,426 ) Total $1,767,717 Liabilities and Stockholders' Equity Accounts payable $ 115,479 Bonds payable 444,150 Common stock ($1 par) 639,576 Retained earnings 568,512 Total $1,767,717 2016 $ 65,142 225,036 559,629 296,100 592,200 (94,752) $1,643,355 $ 127,323 592,200 515,214 408,618 $1,643,355 Additional information: 1. Net income for 2017 was $275,373. 2. Depreciation expense was $100,674. 3. Cash dividends of $115,479 were declared and paid. 4. Bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. Common stock was issued for $124,362 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 that decrease cash flow with either a-sign e.g. -45,000, or in parenthesis e.g. (45,000)). Flint Corporation Statement of Cash Flows Adjustments to reconcile net income to lial: A.. .A.. i:laba CLAR. VALAI faLiraatian a Cha Ila