Required: Prepare a cash flow statement, in good form, using the indirect method for operating activities. Orion Company's comparative balances sheets for 2016 and 2017 are presented below Orion Company Balance Sheets December 31 2017 2016 Increase (Decrease) The income statement of Orion Company for the year ended December 31, 2017 is as follows: Orion Company Income Statement for the Year Ended December 31, 2017 Assets Sales 1,600,000 Cash 337,000 246,000 91,000 Gain on sale of marketable securities 2,000 Accounts receivable, net 420,000 280,000 140,000 Gain on extinguishment of debt 44,000 Marketable securities 15,000 0 15,000 Total revenue and gains 1,646,000 laventories 520,000 440,000 80,000 Expenses Land 650,000 400,000 250,000 Cost of goods sold 720,000 Plant and equipment 1,160,000 1,266,000 (106,000) Personnel costs 385,000 Less: Accumulated depreciation (180,000) (200,000) Total assets 2.922,000 2.432.000 20,000 490,000 Depreciation 40,000 Loss on sale of equipment 8,000 Liabilities and Stockholders' Equity Interest 32,000 Liabilities Miscellaneous 16,000 Accounts payable 660,000 500,000 160,000 Total expenses 1,202,000 Accrued wages 540,000 520,000 20,000 Income before income taxes 444,000 Long-term bonds (due 7/1/2023) 260,000 360,000 (100,000) Income tax expense Total liabilities 1,460,000 1,380,000 80.000 Net income 200,000 244,000 Stockholders' equity Common stock and APIC 966,000 760,000 206,000 Retained earnings 496,000 292,000 204,000 Total stockholders' equity 1,462,000 1,052,000 410,000 Total liabilities and stockholders' equity 2.922,000 2,432,000 490.000 Other information 1. On Jan 11, 2017, Orion purchased land for $170,000 cash 2. On Jan 23, 2017, Orion extinguished long-tem honds with a face value of $100,000 3. On Feb 8, 2017. Orion issued 8,400 shares of common stock for cash. The stock was issued at $15 per share 4. Orion purchased marketable securities for $30,000 on Mar 15, 2017: one-half of the securities were later sold on Dec 3, 2017 5. On June 9, 2017. Orion ismed 7,600 shares of common stock for land. The common stock and land had current market values of $80,000 at the time of the transaction On July 1, 2017, Orion declared and paid a $40,000 cash dividend 6. 7. On Oct 18, 2017, Orion sold equipment costing $106,000, with a bookd value of $46,000, for $38,000 cash