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Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated

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Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings $72,500 85,500 169,500 72,000 259,000 (65,500) $593,000 $32,500 70,500 186,500 100,000 199,000 (33,500) $555,000 $35,000 148,000 214,000 196,000 $593,000 $46,500 203,000 172,000 133,500 $555,000 Total Additional information: 1. Net income for 2017 was $101,000. 2. Cash dividends of $38,500 were declared and paid. 3. Bonds payable amounting to $55,000 were redeemed for cash $55,000. 4. Common stock was issued for $42,000 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 t VELO COMPANY Statement of Cash Flows

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