Skysong Inc. had the following balance sheet at December 31, 2016.
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SKYSONG INC.
BALANCE SHEET
DECEMBER 31, 2016
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Cash
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$21,290
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Accounts payable
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$31,290
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Accounts receivable
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22,490
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Bonds payable
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42,290
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Investments
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32,000
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Common stock
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101,290
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Plant assets (net)
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82,290
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Retained earnings
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24,490
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Land
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41,290
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$199,360
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$199,360
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During 2017, the following occurred.
1. Skysong liquidated its available-for-sale investment portfolio at a loss of $6,290.
2. A tract of land was purchased for $39,290.
3. An additional $30,000 in common stock was issued at par.
4. Dividends totaling $11,290 were declared and paid to stockholders.
5. Net income for 2017 was $36,290, including $13,290 in depreciation expense.
6. Land was purchased through the issuance of $31,290 in additional bonds.
7. At December 31, 2017, Cash was $71,490, Accounts Receivable was $43,290, and Accounts Payable was $41,290.
DELIVERABLES:
1. In Excel prepare a statement of cash flows for the year 2017 for Skysong
2. In the same Excel workbook on a separate sheet prepare a balance sheet (unclassified) as it would appear at December 31, 2017.
3. Post to the link labeled Project #2 - Cash Flow (located in the Project's section