The management of Banciu Corporation provides you with the comparative

The management of Banciu Corporation provides you with the comparative analysis of changes in account balances between December 31, 2016, and December 31, 2017, appearing below.
The management of Banciu Corporation provides you with the comparative
The management of Banciu Corporation provides you with the comparative

Supplemental Information:
a. The following table presents a comparative analysis of retained earnings as of December 31, 2016, and December 31, 2017.

The management of Banciu Corporation provides you with the comparative

b. On December 10, 2017, the board of directors declared a cash dividend of $0.24 per share, payable to holders of common stock on January 10, 2018.
c. Purchased new machinery for $463,000. In addition, Banciu sold certain machinery it was no longer using for $57,600. The machinery cost $127,000 and had accumulated depreciation of $53,800 at the date of the sale. Banciu made no other entries in Machinery and equipment or related accounts other than for depreciation.
d. Purchased 120 preferred shares, par value $100, at $110 and subsequently canceled the shares. Banciu debited the premium paid to Retained earnings.
e. Paid $2,400 of legal costs in successful defense of a new patent, which it correctly debited to the Patents account. It recorded patent amortization amounting to $5,040 during the year ended December 31, 2017.
f. During 2017, Banciu wrote off accounts receivable totaling $3,600 as uncollectible.
g. During 2017, Banciu purchased $180,000 of securities that are being held for future plant expansion.
Required:
1. Prepare the entries (in general journal form) that would be entered into T-accounts needed to prepare a statement of cash flows from the data given. For example, the first entry would be
DR.......Cash (Operations-Net income) . . . . . . . . . . . . . . . . . . . . . . . . . . $234,000
CR Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $234,000
2. Prepare a statement of cash flows for Banciu Corporation for 2017. Use the indirect method for presenting cash flow from operations.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...