Presented below are the financial statements of Concord Corporation.

Concord Corporation Comparative Balance Sheets December 31

Balance Sheets 31 2017 2016 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total $38,150 21,800 15,260 21,800 85,020 21,800 30,520 65,400 (34,880) (26,160) S120,990 S117,720 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $20,710 16,350 8,720 35,970 19,620 15,260 41,420 S120,990 S117,720 7,630 18,530 54,500 For the Year Ended December 31, 2017 S263,780 190,750 73,030 Sales revenue Cost of goods sold Gross profit Selling expenses Administrative expenses Income from operations Interest expense Income before income taxes Income tax expense Net income $19,620 6,540 26,160 46,870 3,270 43,600 8,720 $34,880 Additional data 1. Depreciation expense was $19,075 2. Dividends declared and paid were $21,800 3. During the year equipment was sold for $9,265 cash. This equipment cost $19,620 originally and had accumulated depreciation of $10,355 at the time of sale. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).)