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In: AccountingThe Jasper Corporation provides you with the followinginformation for the year ended 12/31/17: &nThe Jasper Corporation provides you with the followinginformation for the year ended 12/31/17: IncomeStatement Information: Salesrevenue $ 300,000 Costof goods sold 80,000 Grossmargin 220,000 Depreciationexpense 47,000 Uncollectibleaccounts expense 1,500 Pensionexpense 19,000 Otherexpense 25,500 Interestexpense 3,000 Gainon the sale of equipment (2,000) Incometax expense 65,000 159,000 NetIncome $ 61,000 BalanceSheet Information 12/31/16 12/31/17 Cash $16,000 $ 36,000 AccountsReceivable 56,000 52,000 Allowancefor DoubtfulAccounts (6,000) (5,000) Inventory 83,000 84,000 Equipment 85,000 82,000 AccumulatedDepreciation (6,000) (7,000) Total $228,000 $242,000 AccountsPayable $36,000 $46,000 IncomeTaxesPayable 66,000 48,000 InterestPayable 2,000 1,000 NotesPayable, longterm 30,000 0 AccruedPensionLiability 4,000 2,000 DeferredTaxLiability 14,000 18,000 CommonStock, nopar 70,000 80,000 RetainedEarnings 6,000 47,000 Total $228,000 $242,000 AdditionalInformation:Equipment costing $66,000 wassold. New equipment was purchased, and $10,000 of commonstock was issued in partial payment for the new equipment.a. Prepare a Statement of Cash Flows for Jasper Corporation for2017 using the direct method. You must prepare all supplementaryschedules that would be required disclosures under the directmethod.Show all work including formulas.