NOVAK CORPORATION Statement of Financial Position December 31 December 31 Assets 2017 2016 Cash $ 51,940 $ 12,740 Accounts receivable 89,180 86,240 Equipment 26,460 21,560 Less: Accumulated depreciation (9,800) (10,780) Total $157,780 $ 109,760 Liabilities and Shareholders' Equity Accounts payable $ 19,600 $ 14,700 Common shares 98,000 78,400 Retained earnings 40,180 16,660 Total $157,780 $ 109,760 Net income of $36,260 was reported and dividends of $12,740 were declared and paid in 2017. New equipment was purchased, and equipment with a carrying value of $4,900 (cost of $11,760 and accumulated depreciation of $6,860) was sold for $7,840. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Novak prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) NOVAK CORPORATION Statement of Cash Flows Adjustments to reconcile net income to net cash provided by operating activities: I >