Lander Inc. had the following balance sheet on December 31, 2016:LANDER, INC.Balance SheetDecember 31, 2016Cash$49,830Accounts payable$37,180Accounts receivable$20,790Bonds payable$38,500Investments$27,500Common stock$209,000Plant assets (net)$85,800Retained earnings$20,240Land$121,000Total Assets$304,920Total Liabilities & Equity$304,920During 2017 the following occurred:Lander liquidated its investment portfolio at a loss of $7,150.A tract of land was purchased for $34,100.An additional $22,000 in common stock was issued at par.Dividends totalling $5,500 were declared and paid to stockholders.Net income for 2017 was $31,900, including $7,700 in depreciation expense.Land was purchased through the issuance of $27,500 in additional bonds.At December 31, 2017, Cash was $79,915, Accounts Receivable was $38,775, and Accounts Payable was $35,750.Required:Prepare the balance sheet as it would appear as of December 31, 2017.Prepare a statement of cash flows for the year 2017 for Lander.
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