Here are comparative balance sheets for Velo Company.

VELO COMPANY

Comparative Balance Sheets

December 31

Assets 2017 2016

Cash $ 73,000 $ 32,800

Accounts receivable 86,500 70,500

Inventory 169,500 186,500

Land 73,500 101,100

Equipment 259,800 201,000

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

Total $596,300 $557,400

Liabilities and Stockholders' Equity

Accounts payable $ 35,400 $ 47,500

Bonds payable 149,200 203,100

Common stock ($1 par) 216,200 174,000

Retained earnings 195,500 132,800

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.

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).)