NOSKER COMPANY Income Statement For the Year Ended December 31, 2017 Sales revenue Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $241,550 176,050 65,500 23,450 42,050 2,650 39,400 7,150 $32,250 Additional data: 1. Dividends declared and paid were $32,450. 2. During the year equipment was sold for $8,300 cash. This equipment cost $17,400 originally and had accumulated depreciation of $9,100 at the time of sale. 3. All depreciation expense, $15,600, is in the operating expenses. 4. All sales and purchases are on account. (a) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)