Additional information:

1.		Dividends in the amount of $5,900 were declared and paid during 2017.
2.		Depreciation expense and amortization expense are included in operating expenses.
3.		No unrealized gains or losses have occurred on the investments during the year.
4.		Equipment that had a cost of $19,800 and was 70% depreciated was sold during 2017.

Prepare a statement of cash flows 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).)

_{**Please show calculations / explanations if needed}

Exercise 23-14 Oriole Inc., a greeting card company, had the following statements prepared as of December 31, 2017 ORIOLE INC COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 $6,000 62,000 Cash Accounts receivable Short-term debt investments (available-for-sale 35,300 17,900 Inventory Prepaid rent Equipment Accumulated depreciation-equipment Copyrights Total assets $7,100 50,700 59,600 3,900 153,300 131,200 40,400 5,100 (35,300) (25,100) 46,000 50,000 $312,800 $295,300 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable Common stock, $10 par Contributed capital, common stock Retained earnings Total liabilities & stockholders equity $46,200 $39,700 6,100 4,000 8,000 10,100 59,900 68,300 100,000 100,000 30,000 30,000 56,900 37,100 $312,800 $295,300 3,900 7,900 ORIOLE INC. INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2017 Sales revenue Cost of goods sold Gross profit $334,625 174,300 160,325 118,900 41,425 Operating income Interest expense Gain on sale of equipment Income before tax Income tax expense Net income $11,300 2,000 9,300 32,125 6,425 $25,700