Imogdi corporation (a u. s-based company) has a wholly-owned subsidiary in argentina, whose manager is being evaluated on the basis of the variance between actual profit and budgeted profit in u. s. dollars. relevant information in argentine pesos (ars) for the current year is as follows: (in ars) budget actual revenues 40,000,000 50,000,000 expenses 30,000,000 42,000,000 current year actual and projected exchange rates between the ars and the u. s. dollar (usd) are as follows: actual at time of budget usd 0.063 per ars 1 projected ending at time of budget preparation usd 0.058 per ars 1 actual at end of budget period usd 0.056 per ars 1 required: calculate the total budget variance for the current year translating the budget at the projected ending exchange rate and translate actual results using the actual ending date.

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.