ICE Drilling Inc.s balance sheet information and income statement are as follows:

ICE Drilling Inc.
Income Statement
For Year Ended December 31, 2017
Sales				$	1,113,200
Cost of goods sold					568,000
Gross profit				$	545,200
Operating expenses:
Depreciation expense	$	50,000
Other expenses		307,360
Total operating expenses					357,360
Profit from operations					187,840
Loss on sale of equipment					13,080
Profit before taxes				$	174,760
Income taxes					28,760
Profit				$	146,000

ICE Drilling Inc.
Comparative Balance Sheet Information
	December 31
	2017			2016
Cash	$	128,680		$	179,640
Accounts receivable		153,600			119,160
Merchandise inventory		621,200			573,600
Prepaid expenses		12,120			22,000
Equipment		358,880			254,400
Accumulated depreciation		85,560			106,560
Accounts payable		191,080			246,840
Current notes payable		30,400			22,000
Notes payable		210,000			122,000
Common shares		458,800			358,000
Retained earnings		298,640			293,400

Additional information regarding ICE Drillings activities during 2017: 1. Loss on sale of equipment is $13,080. 2. Paid $71,880 to reduce a long-term note payable. 3. Equipment costing $113,000, with accumulated depreciation of $71,000, is sold for cash. 4. Equipment costing $217,480 is purchased by paying cash of $57,600 and signing a long-term note payable for the balance. 5. Borrowed $8,400 by signing a short-term note payable. 6. Issued 10,080 common shares for cash at $10 per share. 7. Declared and paid cash dividends of $140,760.

Required: Prepare a statement of cash flows for 2017 that reports the cash inflows and outflows from operating activities according to the indirect method. (List any deduction in cash and cash outflows as negative amounts.)