Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2017. Also shown is a partially completed comparative balance sheet as of December 31, 2017 and 2016: HARTFORD, INC Statement of Cash Flows For the year Ended December 31, 2017 Cash Flows from Operating Activities: Net income Add (deduct) items not affecting cash $ 54,000 Depreciation expense 270,000 138,000 (42,000) 72,000 2 2 Increase in notes payable Decrease in accounts payable Net cash provided by operating activities S 456,000 Cash Flows from Investing Activities: Purchase of equipment Purchase of buildings $(300,000) (288,000) $(588,000) Net cash used by investing activities Cash Flows from Financing Activities: Proceeds from short-term debt Cash used for retirement of long-term debt Proceeds from issuance of common stock Payment of cash dividends on common stock S 30,000 (150,000) 60,000 18,000 S (78,000) $(210,000) Net cash used by financing activities Net decrease in cash for the year