Exercise 23-15

Presented below are data taken from the records of Shamrock Company.

December 31, 2017 December 31, 2016

Cash $15,000 $8,100

Current assets other than cash 85,800 60,600

Long-term investments 10,000 52,600

Plant assets 332,900 216,300

Total $443,700 $337,600

Accumulated depreciation $19,900 $40,200

Current liabilities 39,600 22,100

Bonds payable 75,400 0

Common stock 254,400 254,400

Retained earnings 54,400 20,900

Total $443,700 $337,600

Additional information:

1. Held-to-maturity securities carried at a cost of $42,600 on December 31, 2016, were sold in 2017 for $33,900. The loss (not unusual) was incorrectly charged directly to Retained Earnings.

2. Plant assets that cost $50,000 and were 80% depreciated were sold during 2017 for $8,100. The loss was incorrectly charged directly to Retained Earnings.

3. Net income as reported on the income statement for the year was $57,400.

4. Dividends paid amounted to $13,300.

5. Depreciation charged for the year was $19,700.

Prepare a statement of cash flows for the year 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)