Exercise 5-17

Indigo Corporation's balance sheet at the end of 2016 included the following items.

Current assets (Cash $82,000)$236,770Current liabilities$151,770Land31,770Bonds payable101,770Buildings121,770Common stock181,770Equipment91,770Retained earnings45,770Accum. depr.-buildings(31,770)Total$481,080Accum. depr.-equipment(11,000)Patents41,770Total$481,080

The following information is available for 2017.

1.Net income was $55,870.2.Equipment (cost $21,770and accumulated depreciation $9,770) was sold for $11,770.3.Depreciation expense was $5,770on the building and $10,770on equipment.4.Patent amortization was $2,500.5.Current assets other than cash increased by $29,000. Current liabilities increased by $14,770.6.An addition to the building was completed at a cost of $28,770.7.A long-term investment (Equity) in stock was purchased for $16,000.8.Bonds payable of $51,770were issued.9.Cash dividends of $30,000were declared and paid.10.Treasury stock was purchased at a cost of $11,000.

Prepare a statement of cash flows for 2017.