Here are comparative balance sheets for Velo Company.

VELO COMPANY

Comparative Balance Sheets

December 31

Assets20172016

Cash $ 73,000$ 32,800

Accounts receivable 86,50070,500

Inventory 169,500186,500

Land 73,500101,100

Equipment 259,800201,000

Accumulated depreciationequipment (66,000)(34,500 )

Total $596,300$557,400

Liabilities and Stockholders' Equity

Accounts payable $ 35,400$ 47,500

Bonds payable 149,200203,100

Common stock ($1 par) 216,200174,000

Retained earnings 195,500132,800

Total $596,300$557,400

Additional information:

1. Net income for 2017 was $103,900.

2. Cash dividends of $41,200 were declared and paid.

3. Bonds payable amounting to $53,900 were redeemed for cash $53,900.

4. Common stock was issued for $42,200 cash.

5. No equipment was sold during 2017, but land was sold at cost.

Preparea 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).)