Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 2016 2017 Assets Cash $73,400 $33,100 Accounts receivable 71,200 85,800 Inventory 170,200 187,000 Land 101,000 72,800 Equipment 260,600 200,800 Accumulated depreciation-equipment (66,100) (33,900) Total $596,700 $559,200 Liabilities and Stockholders' Equity Accounts payable $35,000 $47,500 Bonds payable 151,400 203,400 Common stock ($1 par) 217,600 174,100 Retained earnings 192,700 134,200 Total $596,700 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash dividends of $45,100 were declared and paid. 3. Bonds payable amounting to $52,000 were redeemed for cash $52,000. 4. Common stock was issued for $43,500 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 For the Year Ended Decem Cash Flows from Operating Activities 103600 TNet Income Adjustments to reconcile net income to .. Net Cash Provided by Ope 32200 Depreciation Expense 16800 increase in Accounts Receivable -14600 Decrease in Inventory 12500 Decrease in Accounts Payable 121900 Net Cash Provided by Operating Activities T125500) Cash Flows from Investing Activities TSale of Land 59800 TPurchase of Equipment 28200 INet Cash Used by Investing Activities