Exercise 23-9 Pronghorn Corp. uses the direct method to prepare its statement of cash flows. Pronghorn trial balances at December 31, 2017 and 2016, are as follows December 31 Debits Cash Accounts receivable Inventory Property, plant, & equipment Unamortized bond discount Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 2017 2016 $34,800$32,300 29,800 47,000 95,900 5,100 378,200 172,900 152,300 2,600 60,600 $760,200 $976,700 32,800 30,900 100,800 4,600 252,100 142,700 136,800 4,300 20,400 Credits Allowance for doubtful accounts Accumulated depreciation-plant assets Accounts payable Income taxes payable Deferred tax liability 8% callable bonds payable Common stock Paid-in capital in excess of par Retained earnings Sales revenue $1,300 16,600 25,300 21,000 5,200 44,500 49,700 9,000 44,400 543,200 $760,200 $1,100 15,100 15,600 29,000 4,500 20,000 40,000 7,500 64,600 779,300 $976,700