Kingbird corporation’s balance sheet at the end of 2016 included the following items. current assets (cash $82,000) $236,190 current liabilities $151,190land 32,230 bonds payable 101,190buildings 121,190 common stock 182,230equipment 92,230 retained earnings 46,230accum. depr.-buildings (31,190 ) total $480,840accum. depr.-equipment (11,000 ) patents 41,190 total $480,840 the following information is available for 2017.1. net income was $56,450.2. equipment (cost $21,190 and accumulated depreciation $9,190) was sold for $11,190.3. depreciation expense was $5,190 on the building and $10,190 on equipment.4. patent amortization was $2,500.5. current assets other than cash increased by $29,000. current liabilities increased by $14,190.6. an addition to the building was completed at a cost of $28,190.7. a long-term investment (equity) in stock was purchased for $16,000.8. bonds payable of $52,230 were issued.9. cash dividends of $30,000 were declared and paid.10. treasury stock was purchased at a cost of $11,000. collapse question part(a)partially correct answer. a- prepare a statement of cash flows for 2017b- prepare a balance sheet at december 31, 2017. (show only totals for current assets and current liabilities.