Exercise 23-12 Your answer is partially correct. Try again Condensed financial data of Bonita Company for 2017 and 2016 are presented below BONITA COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 2017 $%1,820 1,780 1,600 1,930 2016 $1,150 1,310 1,930 1,710 Cash Receivables Inventory Plant assets Accumulated depreciation Long-term investments (held-to-maturity) (1,200) (1,160) 1,320 $7,250 1,400 $6,340 $1,190 190 1,430 1,900 2,540 $7,250 $880 270 1,520 1,730 1,940 $6,340 Accounts payable Accrued liabilities Bonds payable Common stock Retained earnings BONITA COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 $6,860 4,620 2,240 920 1,320 Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Income from operations Other revenues and gains 80 1,400 540 860 260 $600 Gain on sale of investments Income before tax Income tax expense Net income Cash dividends Income retained in business Additional information During the year, $70 of common stock was issued in exchange for plant assets. No plant assets were sold in 2017 Prepare a statement of cash flows using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) For the Year Ended December 31, 2017 (Direct Method) Cash Flows from Operating Activities Cash Receipts from Customers 6860 Cash Paid for Merchandise Cash Paid for Selling/Administrative Expenses Cash Paid for Income Taxes Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of Plant Assets Sale of Investments Net Cash Provided by Investing Activities # Cash Flows from Financing Activities Payment of Cash Dividends Purchase of Held-to-Maturity Investments Sale of Plant Assets Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Noncash Investing and Financing Activities Issuance of Common Stock for Plant Assets Click if you would like to Show Work for this question: Open Show Work