A comparative statement of financial position for Spencer Corporation follows:

Additional information:
1. Net income for the fiscal year ending December 31, 2017, was $19,000.
2. In March 2017, a plot of land was purchased for future construction of a plant site. In November 2017, a different plot of land with original cost of $86,000 was sold for proceeds of $95,000.
3. In April 2017, notes payable amounting to $140,000 were retired through the issuance of common shares. In December 2017, notes payable amounting to $25,000 were issued for cash.
4. Fair value-OCI investments were purchased in July 2017 for a cost of $15,000. By December 31, 2017, the fair value of Spencer's portfolio of fair value-OCI investments decreased to $63,000. No fair value-OCI investments were sold in the year.
5. On December 31, 2017, equipment with an original cost of $40,000 and accumulated depreciation to date of $12,000 was sold for proceeds of $21,000. No equipment was purchased in the year.
6. Dividends on common shares of $32,000 and $15,000 were declared in December 2016 and December 2017, respectively. The 2016 dividend was paid in January 2017 and the 2017 dividend was paid in January 2018. Dividends paid are treated as financing activities.
7. Goodwill impairment loss was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year.
Instructions
(a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities.
(b) From the perspective of a shareholder, comment in general on the results reported in the statement of cash flows.

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SPENCER CORPORATION Statement of Financial Position December 31 Assets Cash Accounts receivable Inventory Investments in shares (fair value through OCI) Land Equipment Accumulated depreciation- equipment Goodwill 2017 2016 87,000 133,000 63,000 65,000 390,000 (117,000) 124,000 65,000 29,000 59,000 81,000 84,000 103,000 430,000 (86,000) 173,000 $810,000 $873,000 Total Liabilities and Shareholders' Equity Accounts payable Dividends payable Notes payable Common shares Retained earnings Accumulated other comprehensive income $12,000 51,000 32,000 335,000 125,000 284,000 46,000 $810,000 $873,000 15,000 220,000 265,000 288,000 10,000 Total