E17-8

are comparative balance sheets for Velo Company. Prepare a statement of cash flows-indirect method. (LO 2) VELO COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Land Equipment 2017 63,000 85,000 170,000 75,000 270,000 (66,000) 2016 $ 22,000 76,000 189,000 100,000 200,000 (32,000) $555,000 Total $597,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings 39,000 150,000 216,000 192,000 47,000 200,000 174,000 134,000 $555,000 $597.000 $55,000 Total Additional information: 1. Net income for 2017 was $93,000. 2. Cash dividends of $35,000 were declared and paid 3. Bonds 4 Common stock was issued for $42,000 cash. payable amounting to $50,000 were redeemed for cash $50,000. No equipment was sold during 2017, but land was sold at cost. Instructions epare a statement of cash flows for 2017 using the indirect method