Exercise 12-7 Shown below are comparative balance sheets for Pearl Industries. Pearl Industries Comparative Balance Sheets December 31 Assets 2017 Cash $ 229,772 Accounts receivable 297,352 Inventory 564,293 Land 270,320 Equipment 878,540 Accumulated depreciation-equipment (223,014) Total $2,017,263 Liabilities and Stockholders' Equity Accounts payable $ 131,781 Bonds payable 506,850 Common stock ($1 par) 729,864 Retained earnings 648,768 Total $2,017,263 2016 $ 74,338 256,804 638,631 337,900 675,800 (108,128 ) $1,875,345 $ 145,297 675,800 587,946 466,302 $1,875,345 Additional information: 1. Net income for 2017 was $314,247. 2. Depreciation expense was $114,886. 3. Cash dividends of $131,781 were declared and paid. 4. Bonds payable amounting to $168,950 were redeemed for cash $168,950. 5. Common stock was issued for $141,918 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)). Pearl Industries Statement of Cash Flows Adjustments to reconcile net income to . NO equipment was sola auring 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)). Pearl Industries Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work