Exercise 23-17 Swifty Inc., had the following condensed balance sheet at the end of operations for 2016. SWIFTY INC. BALANCE SHEET DECEMBER 31, 2016 Cash Current assets other than cash Equity invesments Plant assets (net) Land $8,600 29,200 20,000 68,200 40,000 $166,000 Current liabilities Long-term notes payable Bonds payable Common stock Retained earnings $15,100 25,800 25,000 75,000 25,100 166,000 During 2017, the following occurred. 1. A tract of land was purchased for $9,100 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,500 6. Land was purchased through the issuance of $22,300 in bonds. 7. Swifty Inc. sold part of its investment portfolio for $12,900. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2017 8. Both current assets (other than cash) and current liabilities remained at the same amount. 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).)