You are attending your first meeting as a new member

You are attending your first meeting as a new member of the Board of Directors ofDumm Bell Corporation a business that makes and sells bells made of clay and metal.The Chairman of the Board Lou Zerr opens the meeting expounding on the successof the past year 2017. He announces proudly that Sales reached $25 Million for thefirst time and that company assets have nearly doubled. He states that this enabledthe company to pay out $60 000 in cash dividends to the company stockholders manyof whom sit on the Board. He then introduces the Chief Financial Officer Noah Clue.Noah produces a 2017 Income Statement showing Net Income of $200 000 for the year.He stresses that a large contributing factor to the company’s profitability was carefulmanagement of expenses by the Budgeting group. For example he points to the factthat by switching methods only $6 000 of depreciation expense was recorded for theyear. Not wishing to take up too much of the Board’s valuable time he skips goingover the complete Balance Sheet but addresses a few key items. He notes that thecompany’s biggest Asset Accounts Receivable increased by $57 000 during the year and Accounts Payable a Liability decreased by $89 000. He then turns the meetingover to the Chief Financial Planner Rosie Outlook to discuss the company’s future.Rosie talks about the company’s plans for expanding its operations beyond bells intoclay pots. To effect this she has assembled a crack team of hard working Marketingpeople. They have already laid the groundwork for the new line by selling off an oldbuilding for $78 000 cash – a deal that resulted in the recording of a $15 000 gain onthe sale. They then went forward and purchased a larger building for $94 000 paidfor in cash which will allow the company to produce the new pots in large volumes.Mr. Zerr thanks everyone for their hard work and proposes to the Board that bonusesbe given to Mr. Clue Ms. Outlook and her crack Pot team and himself. As the Boardprepares to vote you note that the company began the year with a $40 000 balance inCash and ask to see the Cash Flow Statement for 2017. Mr. Clue explains that it hasnot been completed since he has just returned from a 6week Caribbean cruise and itwould be unreasonable to expect his department to produce additional reports sincethey have been Clue-less for so long.You ask for a postponement on the bonus vote until the report can be generated.Your request is granted but you will need to:1)Prepare the Statement of Cash Flows for 2017 yourself given the informationyou have. (Assume that other than the Cash account itself the only changesapplicable were those that were described above)2)