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

Comparative Statement of Financial Position

	Dec. 31, 2017	Dec. 31, 2016
Equipment	60,000	32,000
Accumulated depreciationequipment	(20,000)	(14,000)
Long-term investments	-0-	18,000
Inventory	6,000	9,000
Accounts receivable	25,000	18,000
Accounts receivable	18,000	14,000
Cash	33,000	10,000
Total assets	122,000	87,000
Share capital-ordinary	40,000	23,000
Retained earnings	28,000	10,000
Bonds payable	37,000	47,000
Accounts payable	17,000	7,000
Total equity and liabilities	122,000	87,000

Additional information:

1. Net income for the year ending December 31, 2017 was 33,000.

2. Cash dividends of 15,000 were declared and paid during the year.

3. Long-term investments that had a cost of 18,000 were sold for 14,000.

4. Sales for 2017 were 120,000.