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Below is the comparative statement of financial position for Balmoral Industries as at December 31, 2017 December 31 December 31 2017 2016 Assets
During 2017, the following occurred:
1. Net income for the fiscal year ended December 31st was $110,000
2. A parcel of land was sold at a gain of $7,000
3. New equipment was purchased, and a piece of equipment a net book value of
$5,000 (Cost of $15,000 with accumulated depreciation of $10,000) was sold for
4. Cash Dividends totaling $40,000 were declared and paid to shareholders.
5. Bonds payable amounting to $30,000 were retired through the issuance of common shares
Prepare a statement of cash flows for the year ended December 31, 2017 using the
indirect method. Assume dividends paid are treated as financing activities. Footnote
any statements that should be disclosed on the cash flow at the bottom