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A comparative balance sheet and income statement for 2017 are presented below for Text Tech. Complete the statement of cash flows for the company using the direct method. Please make sure your final answer(s) are accurate to 2 decimal places. Additional information regarding the statements: a. Bonds were issued and received $19,000 cash. b. $2,500 cash was paid for the purchase of a held to maturity investment. c. Equipment was purchased for $6,500 cash. d. Cash dividends were paid. e. Retired 200 common shares for $5 per share $433.000 Text Tech Income Statement For the year ended December 31, 2017 Sales Operating expenses Cost of goods sold. 216,500 Depreciation expense. 20.000 Interest expense 8,680 Amortization expense, patents 1,500 Remaining expenses 102.800 Income from operations Other revenues and expenses Gain on held for trading investments... Net income 349,480 83.520 Text Tech Cash Flow Statement For the year ended December 31, 2017 x + Cash flows from operating activities X + Cash received from sales Cash paid for goods and services Cash paid to or on behalf of employees Cash paid for interest X ++Cash paid for income taxes x ++ Net cash from operating activities Cash flows from investing activities Cash paid for equipment x + Cash received from sale of equipment Cash received from sale of HTM investment Cash flows from financing activities x + Cash paid for retirement of the company's shares Cash received from common share issuance X + + Cash paid for dividends 12,500 $96,020 Text Tech Balance Sheet As of December 31 Cash 2017 2016 $38 000 $45 000 Cash paid for retirement of the company's shares Cash received from common share issuance. Cash paid for dividends Text Tech Balance Sheet As of December 31 2017 2016 Cash $38,000 $45,000 Investments (held for trading) 52,000 39,500 Accounts receivable. 92,000 111,000 Inventory 130,000 142,500 HTM investments 21,500 19,000 Property, plant and equipment, net 77,000 90,500 Patents 40,000 41.500 Total assets $450,500 $489,000 Accounts payable $80,500 $77,000 Accrued expenses payable 25,000 44.500 Short-term notes payable 44,500 44,500 Unearned revenue 29.000 28,000 Bonds payable 127,500 108,500 Common shares 77,500 78,500 Retained earnings 66,500 108,000 Total liabilities and shareholders' equity... $450,500 $489,000

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