Question: I need a different answer then the one I have been getting... you can see in my screen shots that what I need is different
I need a different answer then the one I have been getting... you can see in my screen shots that what I need is different than the question that is on chegg....
Condensed financial data of Granger Inc. follow.
| Granger Inc. Comparative Balance Sheets December 31 | ||||
| Assets | 2017 | 2016 | ||
| Cash | $80,800 | $48,400 | ||
| Accounts receivable | 87,800 | 38,000 | ||
| Inventory | 112,500 | 102,850 | ||
| Prepaid expenses | 28,400 | 26,000 | ||
| Long-term investments | 138,000 | 109,000 | ||
| Plant assets | 285,000 | 242,500 | ||
| Accumulated depreciation | (50,000 | ) | (52,000 | ) |
| Total | $682,500 | $514,750 | ||
| Liabilities and Stockholders' Equity | ||||
| Accounts payable | $102,000 | $67,300 | ||
| Accrued expenses payable | 16,500 | 21,000 | ||
| Bonds payable | 110,000 | 146,000 | ||
| Common stock | 220,000 | 175,000 | ||
| Retained earnings | 234,000 | 105,450 | ||
| Total | $682,500 | $514,750 |
| Granger Inc. Income Statement Data For the Year Ended December 31, 2017 | ||
| Sales revenue | $388,460 | |
| Less: | ||
| Cost of goods sold | $135,460 | |
| Operating expenses, excluding depreciation | 12,410 | |
| Depreciation expense | 46,500 | |
| Income tax expense | 27,280 | |
| Interest expense | 4,730 | |
| Loss on disposal of plant assets | 7,500 | 233,880 |
| Net income | $154,580 |
Additional information:
| 1. | New plant assets costing $100,000were purchased for cash during the year. |
| 2. | Old plant assets having an original cost of $57,500and accumulated depreciation of $48,500were sold for $1,500cash. |
| 3. | Bonds payable matured and were paid off at face value for cash. |
| 4. | A cash dividend of $26,030was declared and paid during the year. |
Prepare a statement of cash flows using the indirect method.
see attachments

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