Presented below are the comparative balance sheets for Vernet Company at December 31.

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TUTORIAL TEST 10 Presented below are the comparative balance sheets for Vernet Company at December 31 . Additional information: 1. Operating expenses include depreciation expense $57,000 and charges from prepaid expenses of $4,400. 2. Land was sold for cash at cost for $35,000. 3. Cash dividends of $82,940 were paid. 4. Net income for 2017 was $50,000. 5. Equipment was purchased for $80,000 cash. In addition, equipment costing $40,000 with a book value of $31,000 was sold for $37,000 cash. 6. Issued 25,000 shares of $1 per value common stock in exchange for land with a fair value of $25,000. Instructions (a) Prepare a statement of cash flows for 2017 using the indirect method. (b) Compute free cash flow