Exercise 5-16 (Part Level Submission) A comparative balance sheet for Sunland Corporation is presented below. December 31 Assets 2017 2016 Cash $ 72,740 $ 22,000 Accounts receivable 83,220 67,480 Inventory 181,220 190,480 Land 72,220 111,480 Equipment 261,220 201,480 Accumulated Depreciation-Equipment (70,220 ) (43,480 ) Total $600,400 $549,440 Liabilities and Stockholders' Equity Accounts payable $ 35,220 $ 48,480 Bonds payable 150,000 200,000 Common stock ($1 par) 214,000 164,000 Retained earnings 201,180 136,960 Total $600,400 $549,440 Additional information: 1. Net income for 2017 was $127,440. No gains or losses were recorded in 2017. 2. Cash dividends of $63,220 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. Prepare a statement of cash flows for 2017 for Sunland Corporation. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND CORPORATION Statement of Cash Flows Entry field with correct answer Entry field with correct answer Entry field with correct answer $Entry field with correct answer Adjustments to reconcile net income to Entry field with correct answer Entry field with correct answer $Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer $Entry field with correct answer Entry field with correct answer Issued common stock to retire $Entry field with correct answer of bonds outstanding