Income Statement For the Year Ended December Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating expenses Net income 31, 2017 $ 480,000 (264,000) 216,000 (11,400) (7,000) (95,200) (76,000) $ 26,400 Other Information 1. Purchased land for $66,000. 2. Purchased new equipment for $62,000. 3. Sold old equipment that cost $66,000 with accumulated depreciation of $56,000 for $10,000 cash. 4. Issued common stock for $30,000. Required Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)