Exercise 5-16 (Part Level Submission) A comparative balance sheet for Bridgeport Corporation is presented below. Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total December 31 2017 2016 $ 72,790 $ 22,000 84,420 68,630 182,420 191,630 73,420 112,630 262,420 202,630 (71,420 ) (44,630 ) $604,050 $552,890 $36,420 150,000 214,000 203,630 $604,050 $ 49,630 200,000 164,000 139,260 $552,890 Additional information: 1. Net income for 2017 was $129,840. No gains or losses were recorded in 2017. 2. Cash dividends of $65,470 were declared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock, CALCULATOR Your answer is partially correct. Try again. PRINTER VERSION Prepare a statement of cash flows for 2017 for Bridgeport Corporation. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis (15,000).) BRIDGEPORT CORPORATION Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income Adjustments to reconcient income to 129,840 Net Cash Provided by Operating Activities Depreciation expense 26,790 Decrease in Inventory 9.210 Increase in Accounts Receivable (15,790) Decrease in Accounts Payable (13,210 ULIC 136,840 x Net Cash Provided by Operating Activities 266,680 Cash Flows from Investing Activities Sale of Land 39,210 Purchase of Equipment (59,790) Net Cash Used by Investing Activities 136,840 Cash Flows from Financing Activities Payment of Cash Dividends (59,790) Net Increase in Cash 50,790 Cash at Beginning of Year 22,000 dll dl Cash at End of Year 72,790 Noncash Investing and Financing Activities Issued common stock to retire $ 50,000 of bonds outstanding