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

Balance Sheets As of December 31
	2017				2016
Assets
Cash	$	72,430			$	38,010
Accounts receivable		33,655				24,680
Merchandise inventory		156,247				171,870
Prepaid rent		2,415				4,830
Equipment		256,410				286,980
Accumulated depreciation		(146,860	)			(234,370	)
Land		195,860				84,760
Total assets	$	570,157			$	376,760
Liabilities
Accounts payable (inventory)	$	64,408				73,060
Salaries payable		25,865				22,170
Stockholders equity
Common stock, $50 par value		252,000				200,000
Retained earnings		227,884				81,530
Total liabilities and equity	$	570,157			$	376,760

Income Statement For the Year Ended December 31, 2017
Sales	$	1,504,000
Cost of goods sold		(799,326	)
Gross profit		704,674
Operating expenses
Depreciation expense		(23,560	)
Rent expense		(22,940	)
Salaries expense		(254,160	)
Other operating expenses		(257,660	)
Net income	$	146,354

Other Information

1. Purchased land for $111,100.

2. Purchased new equipment for $100,500.

3. Sold old equipment that cost $131,070 with accumulated depreciation of $111,070 for $20,000 cash.

4. Issued common stock for $52,000.

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.)