Exersise 3 The comparative balance sheets for Russell Company appear below RUSSELL COMPANY Comparative Balance Sheet Dec 31.2 $13,000 Dec 31. 2017 Cash Accounts receivable Inventory Prepaid insurance 38,000 18,000 25,000 7,000 14,000 15,000 9,000 Stock investments Equipment Accumulated depreciation-equipment 60,000 (18,000) $130,000 18,000 30,000 (14,000) $85,000 Total assets Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock Retained earnings $25,000 37,000 40,000 7,000 45,000 23,000 10,000 $85.000 Total liabilities and stockholders' equity $130.000 rm 1. Net income for the year ending December 31, 2017, was $30,000 2. Cash dividends of $12,000 were declared and paid during the year 3. Stock investments that had a book value of $18,000 were sold for $13,000 4. Sales for 2017 are $130,000 Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method