Question

The following are Marin Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with...

The following are Marin Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with a column showing the increase (decrease) from 2016 to 2017.

COMPARATIVE BALANCE SHEETS

2017

2016

Increase
(Decrease)

Cash

$813,400

$705,900

$107,500

Accounts receivable

1,123,400

1,156,600

(33,200

)
Inventory

1,863,500

1,731,800

131,700

Property, plant, and equipment

3,302,300

2,988,100

314,200

Accumulated depreciation

(1,162,900

)

(1,033,700

)

(129,200

)
Investment in Myers Co.

307,100

276,600

30,500

Loan receivable

252,200

252,200

   Total assets

$6,499,000

$5,825,300

$673,700

Accounts payable

$1,015,600

$946,000

$69,600

Income taxes payable

30,100

49,800

(19,700

)
Dividends payable

79,200

100,900

(21,700

)
Lease liabililty

373,600

373,600

Common stock, $1 par

500,000

500,000

Paid-in capital in excess of par—common stock

1,513,500

1,513,500

Retained earnings

2,987,000

2,715,100

271,900

   Total liabilities and stockholders’ equity

$6,499,000

$5,825,300

$673,700


Additional information:

1. On December 31, 2016, Marin acquired 25% of Myers Co.’s common stock for $276,600. On that date, the carrying value of Myers’s assets and liabilities, which approximated their fair values, was $1,106,400. Myers reported income of $122,000 for the year ended December 31, 2017. No dividend was paid on Myers’s common stock during the year.
2. During 2017, Marin loaned $273,800 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $21,600, plus interest at 10%, on December 31, 2017.
3. On January 2, 2017, Marin sold equipment costing $59,400, with a carrying amount of $37,900, for $40,400 cash.
4. On December 31, 2017, Marin entered into a capital lease for an office building. The present value of the annual rental payments is $373,600, which equals the fair value of the building. Marin made the first rental payment of $59,400 when due on January 2, 2018.
5. Net income for 2017 was $351,100.
6. Marin declared and paid the following cash dividends for 2017 and 2016.

2017

2016

Declared December 15, 2017 December 15, 2016
Paid February 28, 2018 February 28, 2017
Amount $79,200 $100,900


Prepare a statement of cash flows for Marin Corp. for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

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