As of December 31 2017 2016 Assets Cash Accounts receivable Merchandise inventory Prepaid rent Equipment Accumulated depreciation Land $ 6,300 48,400 7,260 56,000 2,140 140,000 144,000 (73,400) (118,000) 50,000 10,200 45,200 700 116,000 Total assets $245,000 189,800 Liabilities Accounts payable (inventory)37,200 40,000 10.600 Salaries payable 12.200 Stockholders' equity Common stock, $50 par value Retained earnings 150,000 120,000 19,200 45,600 Total liabilities and equity $245,000 $189,800 Income Statement For the Year Ended December 31, 2017 Sales Cost of goods sold $ 480,000 (264,000) 216,000 (11,400) (7,000) Gross profit Operating expenses Rent expense Salaries expense Other operating expenses (95,200) (76,000) Net income S 26,400 Other Information 1. Purchased land for $66,000. 2. Purchased new equipment for $62,000 3. Sold old equipment that cost $66,000 with accumulated depreciation of $56,000 for $10,000 cash. 4. Issued common stock for $30,000 Required Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted should