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CHELSEA CORPORATION Comparative Balance Sheet 2017 Assets $31,000 Cash Accounts receivable (net) Prepaid insurance Land...

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CHELSEA CORPORATION Comparative Balance Sheet 2017 Assets $31,000 Cash Accounts receivable (net) Prepaid insurance Land Equipment Accumulated depreciation 38,000 70,000 25,000 18,000 70,000 60,000 17,000 40,000 60,000 13.000) Total Assets $195,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings $13,000 27,000 140,000 6,000 19,000 115,000 Total liabilities and stockholders' equity S201-099 $195,000 Additional information 1. Net loss for 2017 is $18,000. 2. Cash dividends of $16,000 were declared and paid in 2017 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the year 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $7,000 cash. 5. $22,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000 Instructions Prepare a statement of cash flows for the year ended 2017, using the indirect method. Hints: Use T-accounts to find Depreciation expense and for the issuance of Bonds Payable

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