Exercise 17-8Here are comparative balance sheets for Velo Company.VELO COMPANYComparative Balance SheetsDecember 31Assets20172016Cash $73,500$32,600Accounts receivable 86,20070,600Inventory 170,100186,500Land 74,000100,400Equipment 260,700200,700Accumulated depreciation?equipment (65,600)(33,500) Total $598,900 $557,300 Liabilities and Stockholders? EquityAccounts payable $35,100$46,900Bonds payable 150,200203,900Common stock ($1 par) 215,100175,800Retained earnings 198,500 130,700 Total $598,900 $557,300 Additional information:1. Net income for 2017 was $102,300.2. Cash dividends of $34,500 were declared and paid.3. Bonds payable amounting to $53,700 were redeemed for cash $53,700.4. Common stock was issued for $39,300 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).)

"F5F12z40 edugen.wileyplus.com "517.1 Here are comparative balance sheets for Velo Company. g \\' '[.() ('UIVIPANY I " (.'ompnr ive Balance Sheets g December 31 warm! Cash $73,500 $32,600 Accounts receivable 36,200 70,600 Inventory 170,100 186,500 Land 74,000 100,400 Equipment 260,700 200,700 Accumulated depreclatlonequipment (65,500) (33,500) Total $598,900 $557,300 Accouns payable $35,100 $46,900 Bonds payable 150,200 203,900 Common stock ($1 par) 215,100 175,300 Retained earnings 198,500 130,700 Total $598,900 $557,300 Additional information: Net income for 2017 was $102,300. Cash dividends of $34,500 were declared and paid. Bonds payable amounting to $53,700 were redeemed for cash $53,700. Common stock was issued for $39,300 cash. No equipment was sold during 2017, but land was sold at cost. 9:59.\"? Prepare a statement of cash ows for 2017 using the indirect method. (Show amounts ow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).) V E LO CO H l'.-\\ N Y Slulcmcnt lJl'Cash Flows : :3 3:) Adjustments to reconcile net income to LINK TO TEXT Duegflnn Immune: n :1! 3 need