"the comparative balance sheets of skysong inc. at the beginning and the end of the year 2020 are as follows. skysong inc. balance sheetsdec. 31, 2020jan. 1, 2020inc./dec. assetscash$ 47,080 $ 15,080 $32,000 inc. accounts receivable 95,260 90,180 5,080 inc. equipment43,260 24,180 19,080 inc. less: accumulated depreciation-equipment21,260 11,000 10,260 inc. total$164,340 $118,440liabilities and stockholders’ equity accounts payable$ 24,260 $ 17,180 7,080 inc. common stock102,080 82,180 19,900 inc. retained earnings38,000 19,080 18,920 inc. total$164,340 $118,440net income of $48,260 was reported, and dividends of $29,340 were paid in 2020. new equipment was purchased and none was sold.".prepare a statement of cash flows for the year 2017. (show amounts that decrease cash flow with either a - sign e. g. -15,000 or in parenthesis e. g. (15,

Selected information about income statement accounts for the reed company is presented below (the company's fiscal year ends on december 31): 2018 2017sales $ 4,400,000 $ 3,500,000cost of goods sold 2,860,000 2,000,000administrative expenses 800,000 675,000selling expenses 360,000 312,000interest revenue 150,000 140,000interest expense 200,000 200,000loss on sale of assets of discontinued component 50,000 —on july 1, 2018, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by gaap. the assets of the component were sold on september 30, 2018, for $50,000 less than their book value. results of operations for the component (included in the above account balances) were as follows: 1/1/18-9/30/18 2017 sales $ 400,000 $ 500,000 cost of goods sold (290,000 ) (320,000 )administrative expenses (50,000 ) (40,000 )selling expenses (20,000 ) (30,000 )operating income before taxes $ 40,000 $ 110,000 in addition to the account balances above, several events occurred during 2018 that have not yet been reflected in the above accounts: a fire caused $50,000 in uninsured damages to the main office building. the fire was considered to be an infrequent but not unusual event.inventory that had cost $40,000 had become obsolete because a competitor introduced a better product. the inventory was sold as scrap for $5,000.income taxes have not yet been recorded.required: prepare a multiple-step income statement for the reed company for 2018, showing 2017 information in comparative format, including income taxes computed at 40% and eps disclosures assuming 300,000 shares of common stock. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)