Exercise 5-16 (Part Level Submission) A comparative balance sheet for Skysong Corporation is presented below. December 31 Assets 2017 2016 $ 22,000 Cash $72,890 83,820 67,930 Accounts receivable Inventory 181,820 190,930 Land 72,820 111,930 261,820 Equipment 201,930 (70,820 (43,930) Accumulated Depreciation-Equipment $550,790 $602,350 Total Liabilities and Stockholders' Equity $ 48,930 Accounts payable $35,820 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 202,530 137,860 $602,350 $550,790 Total Additional information: 1. Net income for 2017 was $128,640. No gains or losses were recorded in 2017. 2. Cash dividends of $63,970 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. (a) Prepare a statement of cash flows for 2017 for Skysong Corporation. (Show amounts SKYSONG CORPORATION Statement of Cash Flows $ Adjustments to reconcile net income to of bonds outstanding Issued common stock to retire $