To prepare the cash flow statement, accountants for Tofino Inc. have summarized activity for the year 2017 in two accounts as follows:

Tofino Inc.'s income statement and selected balance sheet data follow:

Required
1. Prepare the cash flow statement of Tofino Inc. for the year ended December 31, 2017, using the direct method to report operating activities. Also prepare a summary of non-cash investing and financing activities that will be part of a note to the financial statements.
2. Use the data from Tofino Inc.'s 2017 income statement and the selected balance sheet data to prepare a supplementary schedule showing cash flows from operating activities by the indirect method. All activity in the current accounts results from operations.

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Cash Beginning balance Collection of loan Sale of investment Receipts of interest Collections from customers Issuance of common shares Receipts of dividends 447,720 52,640 172,560 56,280 37,680 41,160 73,560 20,280 22,680 64,320 Payments on accounts payable 39,600 | Payments of dividends 31,440 Payments of salaries and wages Payments of interest 814,440 Purchase of equipment 33,360| Payments of operating expenses 25,400 Payment of long-term debt Repurchase of common shares Payment of income tax nding balance 123,120 Common Shares Repurchase of shares 20,280 Beginning balance 101,280 33,360 77,320 Issuance for cash Issuance to acquire land Issuance to retire long-term debt Ending balance TOFINO INC Income Statement For the Year Ended December 31,2017 Revenues Sales revenue Interest revenue Dividend revenue $847,560 39,120 25,400 912,080 Total revenues xpenses and losses Cost of goods sold Salaries and wages expense Amortization expense Other operating expenses Interest expense Income tax expense Loss on sale of investments $420,720 180,960 29,160 52,920 58,560 19,440 3,720 765,480 $146,600 Total expenses Net income TOFINO INC Balance Sheet Data For the Year Ended December 31,2017 Increase (Decrease) Current assets Cash and cash equivalents Accounts receivable 33,120 (14,160) 720 (39,600) (35,160) 8,520 97,320 Inventories Prepaid expenses Loan receivable Long-term investments Plant and equipment, net Land Current liabilities Accounts payable Interest payable Salaries pavable Other accrued liabilities Inco ble (41,160) 2,280 8,400 12,480 (3,240) (96,360) 133,200 93,960 me tax paya Long-term debt Common shares Retained earnings