SPENCER CORPORATION Statement of Financial Position
		December 31
Assets		2017			2016
Cash		$65,000			$29,000
Accounts receivable		87,000			59,000
Inventory		133,000			81,000
Investments in shares (fair value through OCI)		63,000			84,000
Land		65,000			103,000
Equipment		390,000			430,000
Accumulated depreciationequipment		(117,000	)		(86,000	)
Goodwill		124,000			173,000
Total		$810,000			$873,000
Liabilities and Shareholders Equity
Accounts payable		$12,000			$51,000
Dividends payable		15,000			32,000
Notes payable		220,000			335,000
Common shares		265,000			125,000
Retained earnings		288,000			284,000
Accumulated other comprehensive income		10,000			46,000
Total		$810,000			$873,000

Additional information:

1.		Net income for the fiscal year ending December 31, 2017, was $19,000.
2.		In March 2017, a plot of land was purchased for future construction of a plant site. In November 2017, a different plot of land with original cost of $86,000 was sold for proceeds of $95,000.
3.		In April 2017, notes payable amounting to $140,000 were retired through issuance of common shares. In December 2017, notes payable amounting to $25,000 were issued for cash.
4.		Fair valueOCI investments were purchased in July 2017 for a cost of $15,000. By December 31, 2017, the fair value of Spencers portfolio of fair valueOCI investments decreased to $63,000. No fair valueOCI investments were sold in the year.
5.		On December 31, 2017, equipment with an original cost of $40,000 and accumulated depreciation to date of $12,000 was sold for proceeds of $21,000. No equipment was purchased in the year.
6.		Dividends on common shares of $32,000 and $15,000 were declared in December 2016 and December 2017, respectively. The 2016 dividend was paid in January 2017 and the 2017 dividend was paid in January 2018. Dividends paid are treated as financing activities.
		Goodwill impairment loss was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year.

1. Prepare a statement of cash flows using the indirect method for cash flows for operating activities

2. From the perspective of a shareholder, comment in general on the results reported in the statement of cash flows