Kingbird Corporation's balance sheet at the end of 2016 included the following items.
| Current assets (Cash $82,000) |
$236,180 |
Current liabilities |
$151,180 |
| Land |
31,180 |
Bonds payable |
101,180 |
| Buildings |
121,180 |
Common stock |
181,180 |
| Equipment |
91,180 |
Retained earnings |
45,180 |
| Accum. depr.-buildings |
(31,180) |
Total |
$478,720 |
|
| Accum. depr.-equipment |
(11,000) |
|
| Patents |
41,180 |
|
| Total |
$478,720 |
|
The following information is available for 2017.
| 1. |
Net income was $54,150. |
| 2. |
Equipment (cost $21,180 and accumulated depreciation $9,180) was sold for $11,180. |
| 3. |
Depreciation expense was $5,180 on the building and $10,180 on equipment. |
| 4. |
Patent amortization was $2,500. |
| 5. |
Current assets other than cash increased by $29,000. Current liabilities increased by $14,180. |
| 6. |
An addition to the building was completed at a cost of $28,180. |
| 7. |
A long-term investment (Equity) in stock was purchased for $16,000. |
| 8. |
Bonds payable of $51,180 were issued. |
| 9. |
Cash dividends of $30,000 were declared and paid. |
| 10. |
Treasury stock was purchased at a cost of $11,000.
|
Prepare a statement of cash flows for 2017