Horse Ltd. has prepared the following comparative statements of financial position at December 31, 2016 and 2017: Horse Ltd.adheres to ASPE. 2017 2016 Cash.. $ 99,000 $ 51,000 Accounts receivable. 53,000 39,000 Inventory. Prepaid expenses. 50,000 60,000 6,000 9,000 Property, plant & equipment. 420,000 350,000 Accumulated depreciation. (150,000) (125,000) Goodwill. 51,000 58,000 $529,000 $442,000 $ 51,000 $ 56,000 Accounts payable. Accrued liabilities. Mortgage payable. 20,000 14,000 150,000 Preferred shares. 215,000 Common shares. 200,000 200,000 Retained earnings . 43,000 22,000 ......... $529,000 $442,000 1. The Accumulated Depreciation account has been credited only for the depreciation expense for the year. There were no disposals of property, plant and equipment, but new equipment was purchased during 2017. 2. Depreciation expense and a charge for impairment of goodwill have both been included in operating expenses. 3. The Retained Earnings account was debited for cash dividends declared and paid of $46,000, and credited for the net income for the year. The condensed income statement for 2017 is as follows: Sales . Cost of sales.. Gross profit. Operating expenses. Net income. $660,000 363,000 297,000 230,000 $ 67,000 Instructions From the information above, prepare statement of cash flows (direct method) for calendar 2017.