CULLUMBER LTD. Balance Sheet May 31 Assets 2017 2016 Cash $23,300 $45,250 Accounts receivable 86,550 77,250 Inventory 178,DDD 154,250 Prepaid expenses 5,300 6,800 Land 128,25076,500 Equipment 313,000 193,000 Accumulated depreciation (71,200) (38,250) Total assets $663,200 $518.800 Liabilities and Shareholders' Equity Accounts payable $41,950 $39,250 Dividends payable 6,800 5,300 Income taxes payable 2,500 6,300 Mortgage payable 125,000 78,250 Common shares 215,500 164,250 Retained earnings 271,450 226,450 Total abilities and shareholders' equity $663,200 $518,800 Additional Information: 1. Profit for 2017 was $105,250. 2. Common shares were issued for $51,250. 3. Land with a cost of $51,250 was sold at a loss of $19,300. 4. Purchased land with a cost of $103,000 with a $56,250 down payment and financed the remainder with a mortgage note payable. 5. No equipment was sold during 2017, Prepare a cash flow statement for the year 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).) CULLUMBER LTD. Cash Flow Statement - Indirect Method Adjustments to reconcile profit to Note X: Land with a cost of $ was purchased by payings cash and issuing a mortgage rote payable for $