Shown below are comparative balance sheets for Martinez Company.

Martinez Company Comparative Balance Sheets December 31

Assets

2017

2016

Cash

$217,192

$70,268

Accounts receivable

281,072

242,744

Inventory

533,398

603,666

Land

255,520

319,400

Equipment

830,440

638,800

Accumulated depreciationequipment

(210,804

)

(102,208

)

Total

$1,906,818

$1,772,670

Liabilities and Stockholders Equity

Accounts payable

$124,566

$137,342

Bonds payable

479,100

638,800

Common stock ($1 par)

689,904

555,756

Retained earnings

613,248

440,772

Total

$1,906,818

$1,772,670

Additional information:

1.Net income for 2017 was $297,042.2.Depreciation expense was $108,596.3.Cash dividends of $124,566were declared and paid.4.Bonds payable amounting to $159,700were redeemed for cash $159,700.5.Common stock was issued for $134,148cash.6.No equipment was sold during 2017.7.Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method.(Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000))