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Business, 03.06.2020 02:57 Lalawhite1082

The following are Sheridan Corp.'s comparative balance sheet accounts at December 31, 2017, and 2016, with a column showing the increase (decrease) from 2016 to 2017.
COMPARATIVE BALANCE SHEETS
2017 2016 Increase (Decrease)
Cash $806,900 $700,900 $106,000
Accounts receivable 1,131,700 1,159,400 (27,700 )
Inventory 1,842,900 1,730,100 112,800
Property, plant, and equipment 3,300,200 2,968,200 332,000
Accumulated depreciation (1,173,600) (1,037,600) (136,000)
Investment in Myers Co. 307,300 277,000 30,300
Loan receivable 247,500 ? 247,500
Total assets $6,462,900 $5,798,000 $664,900
Accounts payable $1,020,900 $950,800 $70,100
Income taxes payable 30,000 50,200 (20,200 )
Dividends payable 80,500 100,500 (20,000)
Lease liabililty 392,000 ? 392,000
Common stock, $1 par 500,000 500,000 ?
Paid-in capital in excess of par-common stock 1,489,000 1,489,000 ?
Retained earnings 2,950,500 2,707,500 243,000
Total liabilities and stockholders' equity $6,462,900 $5,798,000 $664,900
Additional information:
1. On December 31, 2016, Sheridan acquired 25% of Myers Co.'s common stock for $277,000. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,108,000. Myers reported income of $121,200 for the year ended December 31, 2017. No dividend was paid on Myers's common stock during the year.
2. During 2017, Sheridan loaned $291,600 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $44,100, plus interest at 10%, on December 31, 2017.
3. On January 2, 2017, Sheridan sold equipment costing $60,000, with a carrying amount of $38,100, for $40,400 cash.
4. On December 31, 2017, Sheridan entered into a capital lease for an office building. The present value of the annual rental payments is $392,000, which equals the fair value of the building. Sheridan made the first rental payment of $59,900 when due on January 2, 2018.
5. Net income for 2017 was $323,500.
6. Sheridan declared and paid the following cash dividends for 2017 and 2016.
2017 2016
Declared
December 15, 2017
December 15, 2016
Paid February 28, 2018
February 28, 2017
Amount $80,500 $100,500
Required:
1. Prepare a statement of cash flows for Sheridan Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e. g. -15,000 or in parenthesis e. g. (15,000).)

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The following are Sheridan Corp.'s comparative balance sheet accounts at December 31, 2017, and 2016...
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