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CoursHeroTranscribedText: Complete balance sheet and prepare a statement of changes in retained earnings Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2017. Also shown is a partially completed comparative balance sheet as of December 31, 2017 and 2016: HARTFORD, INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities: Net income. . . . . . $ 54,000 Add (deduct) items not affecting cash: Depreciation expense 270,000 Decrease in accounts receivable . 138,000 Increase in inventory . . . .. (42,000) Increase in notes payable 72,000 Decrease in accounts payable. . . (38,000) Net cash provided by operating activities . $ 456,000 Cash Flows from Investing Activities: Purchase of equipment. . S(300,000) Purchase of buildings . .. . . . . . . . . . . .. .. (288,000) Net cash used by investing activities S(588,000 Cash Flows from Financing Activities: Proceeds from short-term debt. . . $ 30,000 Cash used for retirement of long-term debt. (150,000) Proceeds from issuance of common stock . . . . . . 60,000 Payment of cash dividends on common stock . . . . . (18,000) Net cash used by financing activities . $ (78,000 Net decrease in cash for the year . . S(210,000) HARTFORD, INC. Comparative Balance Sheets At December 31, 2017 and 2016 2017 2016 Assets Current assets: Cash. .. . . .. . . .... $ 528,000 Accounts receivable 438,000 Inventory. . . . . 336.000 Total current assets Land . . . $ 240,000 Buildings and equipment . 1.560,000 Less: Accumulated depreciation. .. (738,000) Total land, buildings, and equipment. . . . .. . Total assets . . Liabilities Current liabilities: Accounts payable. $ 174,000 Short-term debt 192.000 Notes payable 216,000 Total current liabilities $ $ Long-term debt . . . $ 510,000 Stockholders' Equity Common stock . . . . . . . . . .. $ 240,000 Retained earnings . . . . . . . Total stockholders' equity . .. . Total liabilities and stockholders equity Required: a. Complete the December 31, 2017 and 2016 balance sheets. b. Prepare a statement of changes in retained earnings for the year ended December 31, 2017

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