Condensed financial data of Oriole Company follow. Oriole Company
Comparative Balance Sheets
December 31
Assets 2017 2016
Cash $156,752 $93,896
Accounts receivable 170,332 73,720
Inventory 218,250 199,529
Prepaid expenses 55,096 50,440
Long-term investments 267,720 211,460
Plant assets 552,900 470,450
Accumulated depreciation (97,000) (100,880)
Total $1,324,050 $998,615
Liabilities and Stockholders' Equity
Accounts payable $197,880 $130,562
Accrued expenses payable 32,010 213,400
Bonds payable 213,000 283,240
Common stock 426,800 339,500
Retained earnings 453,960 204,573
Total $1,324,050 $998,615
Oriole Company
Income Statement Data
For the Year Ended December 31, 2017
Sales revenue $753,612
Less
Cost of goods sold $262,792
Operating expenses, excluding depreciation 24,075
Depreciation expense 90,210
Income tax expense 52,923
Interest expense 9,176
Loss on disposal of plant assets 14,550 453,726
Net income $299,886
Additional information:
1. New plant assets costing $194,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $111,550 and accumulated depreciation of $94,090 were sold for 2. $2,910 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $50,499 was dedared and paid during the year.
Prepare a statement of cash flows using the indirect method