*Exercise 17-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $73,000 86,500 170,000 72,900 261,000 (66,000) $597,400 $33,400 70,900 187,000 100,300 200,700 (34,200) $558,100 Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $35,400 148,800 216,500 196,700 $597,400 $47,000 203,600 175,300 132,200 $558,100 Additional information: 1. Net income for 2017 was $101,800. 2. Cash dividends of $37,300 were declared and paid. 3. Bonds payable amounting to $54,800 were redeemed for cash $54,800. 4. Common stock was issued for $41,200 cash. 5. No equipment was sold during 2017, but land was sold at cost. Prepare a statement of cash flows for 2017 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).) VELO COMPANY Statement of Cash Flows Adjustments to reconcile net income to