The comparative balance sheets for Spicer Company as of December 31 are

Additional information:

1. Operating expenses include depreciation expense of $42,000.

2. Land was sold for cash at book value.

3. Cash dividends of $12,000 were paid.

4. Net income for 2017 was $37,000.

5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.

6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.

Instructions

Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method.

Assets Cash Accounts receivable Inventory Prepaid expenses Land SPICER COMPANY Comparative Balance Sheets maldon December 31 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total greitsen enioe0 M3. 2017 $ 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) 225,000 (45,000) $749,730 $ 44,730TRO 300,000 200,000 205,000 $749,730 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 (40,000) 155,000 (35,000) $676,000 $ 36,000 300,000 160,000 180,000 $676,000