Shawnee Inc. comparative balance sheets for December 31, 2016, and 2017 are provided below, along with other information:

Shawnee Inc.

Balance Sheet

December 31, 2016 and 2017

2017 2016

Assets:

Cash $ 285,000 $ 150,000

Accounts Receivable, net 237,000 205,000

Inventory 302,000 357,000

Equipment 1,500,000 1,480,000

Accumulated DepreciationEquipment (300,000) (260,000)

Total Assets $2,024,000 $1,932,000

Liabilities and Stockholders Equity:

Accounts Payable $ 128,000 $ 132,000

Income Taxes Payable 62,000 84,000

Wages Payable 240,000 225,000

Notes Payable (long-term) 1,250,000 1,200,000

Common Stock 100,000 100,000

Retained Earnings 244,000 191,000

Total Liabilities and Stockholders Equity $2,024,000 $1,932,000

The following information is also available:

Net Income $ 53,000

Depreciation Expense 40,000

Income Tax Expense 77,000

Interest Expense 107,000

Equipment purchased 20,000

Note Payable Issued 80,000

The equipment was acquired by issuing a note.

Prepare Shawnee Inc.s Statement of Cash Flows for 2017, using the indirect method. Follow good format for the statement.