Prepare the 2017 cash flow statement for Valemont Corporation using the indirect method to report cash flows from operating activities.
Transaction data for 2017
Amortization expense ........................................................... $ 40,000
Issuance of long-term note payable to borrow cash ............... 28,000
Issuance of common shares for cash ........................................ 76,000
Cash received from sale of building ......................................... 296,000
Repurchase of own shares ...................................................... 20,000
Loss on sale of building ........................................................ 8,000
Purchase of equipment ......................................................... 392,000
Payment of cash dividends ................................................. $ 72,000
Net income .......................................................................... 104,000
Purchase of long-term investment ................................... 32,000
Issuance of long-term note payable to purchase patent ....... 148,000
Issuance of common shares to retire $52,000 of bonds ............... 52,000

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December 31 2017 2016 Current assets Cash and cash equivalents Accounts receivable Inventories Prepaid expenses $ 76,000 88,000 136,000 4,000 $12,000 92,000 124,000 12,000 Current liabilities Notes payable (for inventory purchases) Accounts payable Accrued liabilities Income and other taxes payable $ 44,000 96,000 28,000 40,000 $ 28,000 76,000 36,000 40,000