The comparative balance sheets and income statement for Baird Corporation follow:

Balance Sheets As of December 31
	2017				2016
Assets
Cash	$	65,790			$	39,150
Accounts receivable		30,736				22,540
Merchandise inventory		154,974				170,470
Prepaid rent		2,490				4,980
Equipment		251,710				287,820
Accumulated depreciation		(142,250	)			(230,930	)
Land		189,490				76,790
Total assets	$	552,940			$	370,820
Liabilities
Accounts payable (inventory)	$	67,053				76,060
Salaries payable		27,685				23,730
Stockholders equity
Common stock, $50 par value		245,000				199,000
Retained earnings		213,202				72,030
Total liabilities and equity	$	552,940			$	370,820

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		(22,930	)
Rent expense		(26,370	)
Salaries expense		(251,400	)
Other operating expenses		(259,990	)
Net income	$	141,172

Other Information

1. Purchased land for $112,700.

2. Purchased new equipment for $96,500.

3. Sold old equipment that cost $132,610 with accumulated depreciation of $111,610 for $21,000 cash.

4. Issued common stock for $46,000.

   Required

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