Problems (24 points) 1. The comparative balance sheets for Gallup Company appear below: GALLUP COMPANY Comparative Balance Sheets Dec. 31, 2016 Dec. 31, 2017 Assets $15,000 24,000 12,000 18,000 25,000 30,000 (14,000) $110,000 Cash Accounts receivable Inventory Long-term inves tments $ 13,000 18,000 32,000 -0- Land 100,000 60,000 (18,000) $205,000 Equipment Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable i eetra. u 25,000 $13,000 8,000 44,000 15,000 25,000 5,000 $110,000 5,000 32,000 Common stock 40,000 Preferred Stock 100,000 Retained earnings 3,000 $205,000 Total liabilities and stockholders' equity Additional information: 1. Net income for the year ended December 31, 2017, 2. Cash divi dends of $18,000 v 3. Long-term investments that had a book value of $18,000 were sold for $16,000. 4. Issued $75,000 of preferred stock in direct exchange for the land. 5. No equipment was $16,000. were declared and paid during the year. was sold during the year. Man Required: Prepare a Statement of Cash Flows using the Indirect Method in proper format on the next page. t zuo