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

The following are Ayayai 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	$821,300		$694,000		$127,300
Accounts receivable	1,124,400		1,158,200		(33,800	)
Inventory	1,852,600		1,702,600		150,000
Property, plant, and equipment	3,300,400		2,951,400		349,000
Accumulated depreciation	(1,174,500	)	(1,048,100	)	(126,400	)
Investment in Myers Co.	312,300		273,800		38,500
Loan receivable	250,100		—		250,100
Total assets	$6,486,600		$5,731,900		$754,700

Accounts payable	$1,019,600		$959,800		$59,800
Income taxes payable	29,800		50,100		(20,300	)
Dividends payable	79,400		99,100		(19,700	)
Lease liabililty	408,500		—		408,500
Common stock, $1 par	500,000		500,000		—
Paid-in capital in excess of par—common stock	1,504,000		1,504,000		—
Retained earnings	2,945,300		2,618,900		326,400
Total liabilities and stockholders’ equity	$6,486,600		$5,731,900		$754,700

Additional information:

1.		On December 31, 2016, Ayayai acquired 25% of Myers Co.’s common stock for $273,800. On that date, the carrying value of Myers’s assets and liabilities, which approximated their fair values, was $1,095,200. Myers reported income of $154,000 for the year ended December 31, 2017. No dividend was paid on Myers’s common stock during the year.
2.		During 2017, Ayayai loaned $309,100 to TLC Co., an unrelated company. TLC made the first semiannual principal repayment of $59,000, plus interest at 10%, on December 31, 2017.
3.		On January 2, 2017, Ayayai sold equipment costing $59,500, with a carrying amount of $38,400, for $39,900 cash.
4.		On December 31, 2017, Ayayai entered into a capital lease for an office building. The present value of the annual rental payments is $408,500, which equals the fair value of the building. Ayayai made the first rental payment of $59,800 when due on January 2, 2018.
5.		Net income for 2017 was $405,800.
6.		Ayayai 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	$79,400	$99,100

Prepare a statement of cash flows for Ayayai Corp. for the year ended December 31, 2017, using the indirect method

Expert Solution

ekkarill92 answered 1 year ago

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