Additional information:
1.		Cash dividends of $15,000 were declared.
2.		A long-term investment was acquired for cash at a cost of $101,500.
3.		Depreciation expense is included in the operating expenses.
4.		The company issued 10,500 common shares for cash on March 2, 2017. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment.
5.		Equipment that originally cost $30,000 was sold during the year for cash. The equipment had a carrying value of $9,000 at the time of sale.
6.		The company issued a note payable for $28,000 and repaid $3,000 by year end.

Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Presented below is the comparative balance sheet for Ivanhoe Inc., a private company reporting under ASPE, at December 31, 2017 and 2016: IVANHOE INC. Balance Sheet December 31 Assets 2017 Cash $65,000 Accounts receivable 101,000 Inventory 205,000 Long-term investment 101,500 Property, plant and equipment 535,000 Less: Accumulated depreciation (162,500) $845,000 Liabilities and Shareholders' Equity Accounts payable $57,500 Dividends payable 6,000 Income tax payable 14,000 Long-term notes payable 25,000 Common shares 630,000 Retained earnings 112,500 $845,000 2016 $98,000 75,000 155,500 0 460,000 (140,000) $648,500 $47,000 0 15,000 0 525,000 61,500 $648,500 IVANHOE INC. Income Statement Year Ended December 31, 2017 Sales $661,000 Cost of goods sold 432,000 Gross profit 229,000 Operating expenses $147,500 Loss on sale of equipment 3,000 150,500 Profit from operations 78,500 Interest expense 3,000 Interest revenue (4,500) (1,500) Profit before income tax 80,000 Income tax expense 14,000 Profit $66,000 IVANHOE INC. Cash Flow Statement - Indirect Method Year Ended December 31, 2017 Adjustments to reconcile profit to $ $ > > > >