plant assets was equipment constructed is reported in the investing activities section as a decrease in cash of $53,000.) E12-7 The following are comparative balance sheets for Mitch Company. Prepare a statement of cas flows-indirect method, ITCH CMPANY (LO 2), AP Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land $ 68,000 88,000 167,000 $ 22,000 76,000 189,000 100,000 200,000 (32,000) 80,000 260,000 Equipment Accumulated depreciation-equipment (66,000) Total $597,000 $555,000 Liabilities and Stockholders' Equity 2017 2016 Accounts payable Bonds payable Common stock ($1 par) 216,000 Retained earnings $ 39,000 150,000 $ 43,000 200,000 174,000 138,000 AND 192,000 $597,000 $555,000 Total Additional information: 1. Net income for 2017 was $93,000. 2. Depreciation expense was $34,000. 3. Cash dividends of $39,000 were declared and paid. 4. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 5. Common stock was issued for $42,000 cash. 6. No equipment 7. Land was sold for its book value. was sold during 2017 Instructions Prepare a statement of cash flows for 2017 using the indirect method