The following are comparative balance sheets for Mitch Company. LO11 MITCH COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 68,000 $ 22,000 Accounts receivable 88,000 76,000 Inventory 167,000 189,000 Land 80,000 100,000 Equipment 260,000 200,000 Accumulated depreciation—equipment (66,000) (32,000)

Total $597,000 $555,000 Liabilities and Stockholders’ Equity 2017 2016 Accounts payable $ 39,000 $ 43,000 Bonds payable 150,000 200,000 Common stock ($1 par) 216,000 174,000 Retained earnings 192,000 138,000 Total $597,000 $555,000 Additional information:

1. Net income for 2017 was $93,000.

2. Depreciation expense was $34,000.

3. Cash dividends of $39,000 were declared and paid.

4. Bonds payable amounting to $50,000 were redeemed for cash $50,000.

5. Common stock was issued for $42,000 cash.

6. No equipment was sold during 2017.

7. Land was sold for its book value.

Instructions Prepare a statement of cash flows for 2017 using the indirect method.