Prepare a cash flow statement- indirect method. (LO 2) AP Coyote Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2017 and 2016. COYOTE LTD. Balance Sheet 31-May Assets 2017 2016 Cash $ 12,600 $ 43,000 Accounts receivable 85,000 76,000 9000 Inventory 172,000 160,000 12000 Prepaid expenses 5,000 7,500 -2500 Land 125,000 75,000 Equipment 325,000 190,000 Accumulated depreciation (68,250) (40,000) Todallassetand Shareholders' $656,350 $511,500 Equity Accounts payable $ 43,000 $ 38,000 5000 Dividends payable 7,500 5,000 2500 Current liability Income taxes payable 2,500 6,000 -3500 Mortgage payable 125,000 80,000 Long term liability uno Common shares 217,000 167,000 Retained earnings 261,350 215,500 Total liabilities and shareholders' equity $656,350 $511,500