Use the data in Starter 17-15 to prepare Carbone Resources Inc.'s cash flow statement for the year ended June 30, 2017. Carbone uses the indirect method for operating activities. Use Exhibit 17-16 as a guide, but you may stop after determining the net increase (or decrease) in cash.
Payment of dividends ....................... ......... .................... $12,000
Cash receipt from issuance of common shares ........................ 40,000
Increase in current assets other than cash ................................ 60,000
Repurchase of Carbone shares ................................................ 10,000
Net income ............................................................................. $100,000
Purchase of equipment .......................................................... 80,000
Decrease in current liabilities ................................................. 10,000
Payment of note payable ....................................................... 60,000
Cash receipt from sale of land ................................................ 120,000
Amortization expense ............................................................. 40,000