U 2) Presented below are data taken from the records of Geimer Company. December 31, 2016 Deceber 31, 2017 Cash Accounts Receivable (net) Inventory Prepaid Expenses Land $ 10,000 36,000 66,000 6,000 124,000 225,000 60,000 $17,000 41,000 74,000 11,000 72,000 376,000 (40,000 $551000 $44,000 Plant Assets Accumulated Depreciation $407.000 Accounts Payable Accrued Liabilities Bonds Payable Common Stock Retained Earnings $43,000 5,000 -0 300,000 59.000 12,000 100,000 300,000 95,000 $407,000 Additional Data: 1. Land carried at a cost of $52,000 on 12/31/16, was sold in 2017 for $39,000. The loss was incorrectly charged directly to retained earnings. 2. Plant assets with a cost of $50,000 that were 60% depreciated were sold during 2017 for $15,000. The loss (not extraordinary) was reported on the income statement. 3. Net income as reported on the income statement for 2017 amounted to $63,000. 4. Cash dividends were paid during 2017. The entry to record the dividend included a debit to retained earnings and a credit to cash. 5. Depreciation expense for the year was $10,000. 6. Plant assets were purchased during the year. The seller accepted $100,000 in bonds and the remainder in cash. Prepae o stalemead of eash. Ahaus uwing he Indireel Milt for e year ended, Decam ber 34, 10/7 eash- flows Lus