Question - The following schedule of information relates to Minerva Systems, Inc. for the year ended November 30, 2017:
Depreciation expense $ 87,960
Net income 502,800
Cash at start of year 44,040
Nonoperating cash receipts:
From sale of plant assets (recorded a gain of $2,400) 39,000
From sale of marketable securities 93,600
Nonoperating cash payments:
For repurchase of preferred stock 114,000
For purchase of bonds as investment 319,320
To stockholders as dividends 141,240
Change in working capital accounts:
Accounts receivable increase 97,080
Inventory increase 6,480
Accounts payable decrease 44,400
Accrued liabilities increase 7,920
Prepare, in good form, a 2017 statement of cash flows for Minerva Systems, Inc. using the indirect method.