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Spicer Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) (40,000) 225,000 (45,000) (35,000) 155,000 $749,730 $676,000 Liabilities and Stockholders Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $44,730 300,000 200,000 205,000 749,730 $676,000 $ 36,000 300,000 160,000 180,000 Additional information: 1. Operating expenses include depreciation expense of $42,000 2. Land was sold for cash at book value 3. Cash dividends of $12,000 were paid 4. Net income for 2017 was $37,000 5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash 6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000Spicer Company Statement of Cash Flows or the Year Ended December 31, 2017 ash Flows from Operating Activities<br et Incom 13700 Adjustments to reconcile net income to Cash Flows from Operatin epreciation Expen:s Sale of Equipment ecrease in Accounts Receivabl ncrease in Invento ncrease in Accounts Payable ecrease in Prepaid Expenses $A200 9450 73 72 7000 et Cash Provided by Operating Activities<br> 400 ash Flows from Investing Activitie urchase of Equipmen ale of Land ale of Equipmen et Cash used by Investing Activities<br> 92000 5000 5900 ash Flows from Financing Activities ayment of Cash Dividends 12000 Cash Flows from Financin 12000 Net Increase in Cash<br> 23000 Cash at Beginning of Peri 45000 Cash at End of Period 68000

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Naming convention for non-cash item is not available, can be slightly different: Solution: Cash flow Statement Indirect Metho

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