Bonita Industries Comparative Balance Sheets Dec. 31
Assets	2017	2016
Cash	$40,600	$23,200
AccountsReceivable	23,200	16,240
Inventory	32,480	23,200
Property, Plant, and equipment	69,600	90,480
Accumulated Depreciation	(37,120)	(27,840)
Total	$128,760	$125,280
	Liabilities and Stockholder's Equity
Accounts Payable	$22,040	$17,400
Income Taxes Payable	8,120	9,280
Bonds Payable	19,720	38,280
Common Stock	20,880	16,240
Retained Earnings	58,000	44,080
Total	$128,760	$125,280
	Bonita Industries Income Statement For the Year Ended Dec. 31, 2017
Sales Revenue		$280,720
Cost of Goods Sold		203,000
Gross Profit		77,720
Selling Expenses	$20,880
Administrative Expenses	6,960	27,840
Income From Operations		49,880
Interest Expense		3,480
Income Before Income Taxes		46,400
Income tax Expense		9,280
Net income		$37,120

1. Depreciation expense was $20,300

2. Dividends declared and paid were $23,200

3. During the year equipment was sold for $9,860 cash. This equipment cost $20,880 originally and had accumulated depreciation of $11,020 at the time of sale.

Prepare a statement of cash flows using the indirect method.