Dec. 31, 2017 Dec 31, 2016 Assets Land Equipment Accumulated depreciation Prepaid insurance Accounts receivable (net) Cash Total Assets 18,000 70,000 (20,000) 25,000 80,000 36,000 $209.000 40,000 60,000 (13,000) 17,000 60,000 31,000 $195.000 Equity and Liabilities Share capital-ordinary $140,000 $115,000 Retained earnings 31,000 55,000 Bonds payable 27,000 19,000 Accounts payable 11,000 6,000 Total equity and liabilities $209,000 $195.000 Additional information: 1. Net loss for 2017 is $15,000. 2. Cash dividends were declared and paid in 2017 3. Land was sold for cash at a loss of $7,000. This was the only land transaction during the year. 4. Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. $12,000 of bonds were retired during the year at carrying (book) value. 6. Equipment was acquired for ordinary shares. The fair value of the shares at the time of the exchange was $25,000 Instructions Prepare a statement of cash flows for the year ended 2017, using the indirect method. MacBook Air