The comparative balance sheets and an income statement for Raceway Corporation follow.

Balance Sheets As of December 31
	2017			2016
Assets
Cash	$	64,258		$	40,760
Accounts receivable		29,755			21,820
Merchandise inventory		157,565			173,320
Prepaid rent		2,330			4,660
Equipment		251,960			287,990
Accumulated depreciation		(145,630	)		(235,310	)
Land		190,720			77,920
Total assets	$	550,958		$	371,160
Liabilities
Accounts payable (inventory)	$	65,166			73,920
Salaries payable		25,900			22,200
Stockholders equity
Common stock, $50 par value		245,500			198,500
Retained earnings		214,392			76,540
Total liabilities and equity	$	550,958		$	371,160

Income Statement For the Year Ended December 31, 2017 Sales$1,498,000 Cost of goods sold (796,138)

Gross profit 701,862 Operating expenses Depreciation expense (24,150) Rent expense (25,380) Salaries expense (255,360) Other operating expenses (259,120)

Net income$137,852

Other Information

1.	Purchased land for $112,800.
2.	Purchased new equipment for $96,500.
3.	Sold old equipment that cost $132,530 with accumulated depreciation of $113,830 for $18,700 cash.
4.	Issued common stock for $47,000.

Required

Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

RACEWAY CORPORATION
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities:
Less: Increases in current assets and Decreases in current liabilities:
Less: Increases in Current Assets and Decreases in current liabilities:
Plus: Noncash charges
Cash flows from investing activities:
Cash flows from financing activities:
Ending cash balance