Hele 1 System Announcements Problem 17-9A) (direct method) Condensed financial data follow for Boom Ltd. - Perform reports under ASPE. BLOSSOM LTD. Balance Sheet December 31 Assets 2017 2016 Cash $110,920 $45,100 Accounts receivable 74,500 41,000 Inventory 117,500 91,150 Prepaid expenses 37,100 24,100 Long-term investments 125,500 111,500 Property, plant, and equipment 263,100 240,600 Accumulated depreciation (45,000) (50,000) Total assets 1683,620 $503,450 Labdies and Shareholders' quity Accounts payable $90,000 $75,100 Accrued expenses payable 10,500 6,000 Notes payable 100,000 135.000 Common shares 290.000 166,000 Retained earning 26,120 121,350 Total Babies and shareholders' equity 1663,620 $503,450 BLOSSOM LTD. Income Statement Year Ended December 31, 2017 Sales 5490,100 Cost of goods sold 182,100 Gross profit 308,000 Operating expenses $57.000 Depreciation expense 44,100 Loss on sale of equipment 7,000 108,100 Profit from operations 199,000 Other expenses Interest expense 3.500 Pront before income tax 196,400 Income tax expense 42.000 8154,400 Additional information 1. New equipment costing $70,000 was purchased for $21,000 cash and a $58,000 note payable 2. ment with an original cost of $54,500 was sold at a lot of 57,000 3. Notes payable matured during the year and were read 4. A long-term investment was acquired for cash, 5. Accounts payable relate only to merchandise creditor 6. Accred experts payable and prepaid expenses relate to operating expenses Prepare the operating section of the cash flow statement using the direct method. (Show amounts that deshow with the hell (15,000 BLOSSOM LTD