ICE Drilling Inc.'s balance sheet information and income statement are as follows: Additional information regarding ICE Drilling's activities during 2017: Loss on sale of equipment is $11,480. Paid $70,280 to reduce a long-term note payable. Equipment costing $105,000, with accumulated depreciation of $63,000, is sold for cash. Equipment costing $215,880 is purchased by paying cash of $56,000 and signing a long-term note payable for the balance. Borrowed $8,400 by signing a short-term note payable. Issued 5,600 common shares for cash at $18 per share. Declared and paid cash dividends of $139,160. Required Prepare a statement of cash flows for 2017 that reports the cash inflows and outflows from operating activities according to the direct method. Show your supporting calculations. Also, prepare a note describing non-cash investing and financing activities.