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				$	1,113,600
Cost of goods sold					570,000
Gross profit				$	543,600
Operating expenses:
Depreciation expense	$	52,000
Other expenses		307,760
Total operating expenses					359,760
Profit from operations					183,840
Loss on sale of equipment					13,480
Profit before taxes				$	170,360
Income taxes					29,160
Profit				$	141,200

ICE Drilling Inc.
Comparative Balance Sheet Information
	December 31
	2017			2016
Cash	$	130,680		$	181,640
Accounts receivable		155,600			121,160
Merchandise inventory		623,200			575,600
Prepaid expenses		12,140			24,000
Equipment		359,280			256,400
Accumulated depreciation		87,560			108,560
Accounts payable		189,500			243,240
Current notes payable		32,400			24,000
Notes payable		210,000			122,400
Common shares		460,800			360,000
Retained earnings		300,640			300,600

Additional information regarding ICE Drillings activities during 2017:
1. Loss on sale of equipment is $13,480.
2. Paid $72,280 to reduce a long-term note payable.
3. Equipment costing $115,000, with accumulated depreciation of $73,000, is sold for cash.
4. Equipment costing $217,880 is purchased by paying cash of $58,000 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 $141,160.

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.)

ICE DRILLING INC.
Statement of Cash Flows
For Year Ended December 31, 2017
Cash flows from operating activities:
Adjustments to reconcile profit to net cash inflows from operating activities:
		$0
Cash flows from investing activities:
		0
Cash flows from financing activities:
		0
		$0