Condensed financial data of Sheffield SA follow. SHEFFIELD SA Comparative Statements of Financial Position December 31 Assets Equipment 2017 2016 265,820 241,960 Long-term investments Accumulated depreciation-equipment Prepaid expenses (46,470) (51,220) 140,700 114,880 29,760 25,500 Cash Inventory Accounts receivable Total 111,870 101,860 92,660 33,110 118,600 48,480 712,940 514,570 Equity and Liabilities Share capital-ordinary 220,720 175,950 Retained earnings 250,710 104,710 Bonds payable 113,900 149,180 Accounts payable Accrued expenses payable Total 111,510 67,470 16,100 17,260 712,940 514,570 SHEFFIELD SA Income Statement For the Year Ended December 31, 2017 Sales revenue Gain on disposal of plant assets 391,640 7,670 399,310 Less: Cost of goods sold 135,770 Operating expenses, excluding depreciation 12,660 Depreciation expense 45,550 Income tax expense 26,650 Interest expense 4,450 225,080 Net income 174,230 1. New equipment costing 79,390 was purchased for cash during the year. 2. Old equipment having an original cost of 55,530 and accumulated depreciation of 50,300 was sold for 12,900 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of 28,230 was declared and paid during the year. 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).) SHEFFIELD SA Statement of Cash Flows Adjustments to reconcile net income to