PROBLEM 3 (20 POINTS) The following schedule of information relates to Baker Products for the year, 2017: Income statement data: Sales Depreciation expense84,000 Net income Cash receipts: From issuance of common stock $176,000 From sale (at book value) of stock investment 112,000 Cash payments: For purchase of land $496,000 To stockholders as dividends88,000 To payoff notes payable 56,000 Change in working capital accounts: Cash increase Accounts receivable increase 24,000 Inventory decrease $2,320,000 308,000 $20,000 12,000 Accounts payable decrease 16,000 Accrued liabilities increase 8,000 The cash balance was $48,000 at the beginning of 2017. In good form, prepare a 2017 statement of cash flows for Baker Products using the indirect method. MacBook Air