E17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets Assets Cash Accounts receivable Inventory Land Equipment December 31 2017 $ 63,000 2016 $ 22,000 85,000 76,000 170,000 189,000 75,000 100,000 270,000 200,000 (66,000) (32,000) $597,000 $555,000 Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total Additional information: 1. Net income for 2017 was $93,000. 2. Cash dividends of $35,000 were declared and paid. $ 39,000 150,000 216,000 $ 47,000 200,000 174,000 192,000 134,000 $597,000 $555,000 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2017, but land was sold at cost. Instructions Prepare a statement of cash flows for 2017 using the indirect method.