P12-11A The comparative balance sheets for Spicer Company as of December 31 are presented below. SPICER COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) 225,000 (45,000 $ 45,000 58,000 142,000 21,000 130,000 200,000 (40,000) 155,000 (35,000) $676,000 $749,730 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 44,730 300,000 200,000 205,000 $749,730 36,000 300,000 160,000 180,000 $676,000 Additional information: 1. Operating expenses include depreciation expense of $42,000. 2. Land was sold for cash at book value. 3. Cash dividends of $12,000 were paid. 4. Net income for 2017 was $37,000. 5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash. 6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000. Instructions Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method