Please include all steps required

Problem 1 (10 points) Richards In presented its comparative financial data and other data as follows: Dec. 31, 2017 Dec. 31, 2016 Cash $ 16.000 $ 9,000 Accounts receivable 22,000 16,000 Prepaid expenses 3,800 3,000 Land 8,000 21,000 Building and equipment 103,200 80,000 Accumulated depreciation _(60,000) (51,000) $ 78,000 $ 93.000 Accounts payable $ 9,000 $ 6,000 Taxes Payable 6,000 8,000 Accrued expenses 13,000 7,000 Mortgage payable 25,000 31,000 Common stock 9,000 5,000 Additional paid-in capital 21,000 16,000 Retained earnings 10,000 5,000 $ 93.000 $78,000 Additional information: 1. Net income for 2017 was $49,000; Depreciation Expense for 2017 was $19,000. 2. Equipment was purchased for $43,200 and was paid for in cash. Other equipment with an original cost of $20,000 was sold at a $3,000 gain and was 50% depreciated at the time of sale. 3. During 2017, Richards Inc. declared and paid cash dividends. 4. Land was sold for a price equal to its historical cost. 5. Common Stock was issued in 2017. Required: Prepare a statement of cash flows (indirect method) for 2017