Comparative balance sheet statements of Irving Inc. are presented below:

Irving Inc.

COMPARATIVE BALANCE SHEET ACCOUNTS

December 31, 2017 and 2016

	December 31
Assets	2017	2016
Cash	25,000	20,000
Accounts receivable	45,500	48,000
Less: allowance for doubtful accounts	(1,500)	(1,000)
Inventory	55,000	50,000
Dividend receivable	3,000	2,000
Investments	13,000	10,000
Land	70,000	40,000
Buildings & equipment	231,000	250,000
Less: accumulated depreciation	(35,000)	(50,000)
Totals	406,000	369,000
Liabilities
Accounts payable	13,000	20,000
Salaries payable	2,000	5,000
Interest payable	4,000	2,000
Income tax payable	7,000	8,000
Note payable	20,000	0
Bonds payable	98,000	70,000
Less: discount on bonds	(2,000)	(3,000)
Shareholders equity
Common stock	210,000	200,000
Paid-in-capital-excess of par	25,000	20,000
Retained earnings	39,000	47,000
Less: treasury stock (at cost)	(10,000)	0
total	406,000	369,000

Additional data (all transactions occurred in 2017 unless otherwise speciated):

1. l. There were no write-offs of uncollectible accounts in 2017.
2. A building that originally cost $30,000 with accumulated depreciation balance of $20,000 was sold for $4,000.
3. The common stock of Joys Corporation was purchased for $3,000 as a long-term investment.
4. Land was acquired by paying $10.000 cash and issuing a 13%, seven-year, $20.000 note payable to the seller.
5. New equipment was purchased for $11,000 cash.
6. On January l, $28,000 or bonds sold at face value.
7. On January 19, Irving issued a 5% stock dividend (1 ,000 shares). The market price of the $10 par value common stock was $15 per share at that time.
8. Cash dividends of $15,000 were paid to shareholders.
9. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $10,000. Irving uses the cost method to account for treasury stock.

Irving's 2017 income statement follows (ignore taxes):

Revenues
Sales	200,000
Dividend revenue	3,000	203,000
Expenses
Cost of goods sold	120,000
Operating expenses	26,000
Depreciation expense	5,000
Interest expense	8,000
Loss on sale of building	6,000
Income tax expense	16,000	181,000
Net income		22,000

Required:

Prepare a statement of cash flows for the year ended 2017 using the indirect method.