Shamrock Inc. had the following condensed balance sheet at the end of operations for 2016. SHAMROCK...

Shamrock Inc. had the following condensed balance sheet at the end of operations for 2016.

SHAMROCK INC. BALANCE SHEET DECEMBER 31, 2016
Cash	$8,500	Current liabilities	$14,500
Current assets other than cash	28,600	Long-term notes payable	24,700
Equity investments	20,600	Bonds payable	24,700
Plant assets (net)	65,800	Common stock	75,800
Land	40,400	Retained earnings	24,200
	$163,900		$163,900

During 2017, the following occurred.

(a)		Shamrock Inc. sold part of its investment portfolio for $13,100. This transaction resulted in a gain of $5,000 for the company. No unrealized gains or losses were recorded on these investments in 2017.
(b)		Dividends totaling $9,100 were paid to stockholders.
(c)		Atract of land was purchased for $12,300.
(d)		Net income was $34,300 after allowing depreciation of $13,700.
(e)		Bonds payable in the amount of $10,900 wereredeemed at par.
(f)		Land was purchasedthrough the issuance of $22,400 in bonds.
(g)		An additional $10,200 in common stock was issued at par.
(h)		Both current assets (other than cash) and current liabilities remained at the same amount.

1.Prepare a statement of cash flows for 2017 using the indirect method.

2.Prepare the condensed balance sheet for Shamrock Inc. as it would appear at December 31, 2017.

Expert Solution

ekkarill92 answered 1 year ago

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