option 1 balance sheet and statement of cash flows

Lander Inc. had the following balance sheet on December 31, 2016:

LANDER, INC.
Balance Sheet
December 31, 2016

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Cash

$49,830

Accounts payable

$37,180

Accounts receivable

$20,790

Bonds payable

$38,500

Investments

$27,500

Common stock

$209,000

Plant assets (net)

$85,800

Retained earnings

$20,240

Land

$121,000

Total Assets

$304,920

Total Liabilities & Equity

$304,920

During 2017 the following occurred:

  1. Lander liquidated its investment portfolio at a loss of $7,150.
  2. A tract of land was purchased for $34,100.
  3. An additional $22,000 in common stock was issued at par.
  4. Dividends totalling $5,500 were declared and paid to stockholders.
  5. Net income for 2017 was $31,900, including $7,700 in depreciation expense.
  6. Land was purchased through the issuance of $27,500 in additional bonds.
  7. At December 31, 2017, Cash was $79,915, Accounts Receivable was $38,775, and Accounts Payable was $35,750.

Required:

  1. Prepare the balance sheet as it would appear as of December 31, 2017.
  2. Prepare a statement of cash flows for the year 2017 for Lander.