On february 12, 2018, pirate home and garden enters into contract with a local business to provide weekly grass-cutting services between may and september of that year, and receives $2,000 in advance. as part of a local business promotion, pirate offers a 50% discount on any barbecue grill with a list price in excess of $200. in the past, pirate charged the same amount ($2,000) for the same weekly grass-cutting service, but without the grill discount coupon. based on historical experience with other clients, pirate estimates that about 40% of the coupons will be redeemed, purchasing grills with an average total list price of $400.a. how many performance obligations are in this contract? explain the reasons for your answer.

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.