View Policies Current Attempt in Progress A comparative balance sheet for Pharoah Corporation is presented as follows December 31 Assets 2017 2016 Cash $109.240 $33,000 Accounts receivable 124.220 100,480 Inventories 271.220 284.980 Land 107,720 166,480 Equipment 391.220 301,480 Accumulated Depreciation-Equipment (104,720) (64,480) Total $898.900 $821.940 Liabilities and Stockholders' Equity Accounts payable $52.220 $71.980 Bonds payable 225,000 300,000 004.000 ALLOOD Question 6 of 6 < Accounts payable $52,220 $71,980 Bonds payable 225,000 300,000 Common stock ($1 par) 321,000 246,000 Retained earnings 300,680 203,960 Total $898.900 $821.940 Additional information: L Net income for 2017 was $189,940. Cash dividends of $93.220 were declared and paid. Bonds payable amounting to $75,000 were retired through issuance of common stock 2 3. 4. 5. Equipment was purchased but no equipment was sold Land was sold for cost -/1 E (a) Prepare a statement of cash flows for 2017 for Pharoah Corporation. (Show amounts that decrease cash flow with either a signes -15,000 or in parenthesis es. (15,000)) Adjustments to reconcile net income to PHAROAH CORPORATION Statement of Cash Flows 4:00 P 474 Mostly y