The comparative balance sheets and income statement for Gibson Company follow:

Balance Sheets

As of December $31$

$20172016$

Assets

Cash $ $23,373$ $ $2,831$

Accounts receivable $2,1281,277$

Inventory $6,5546,144$

Equipment $20,63842,288$

Accumulated depreciation$$ Equipment $(8,948)(16,094)$

Land $21,09110,131$

Total assets $ $64,836$ $ $46,577$

Liabilities and equity

Accounts payable $($inventory$)$ $ $2,516$ $ $4,064$

Long$-$term debt $2,9776,805$

Common stock $22,1008,000$

Retained earnings $37,24327,708$

Total liabilities and equity $ $64,836$ $ $46,577$

Income Statement

For the Year Ended December $31,2017$

Sales revenue $ $35,560$

Cost of goods sold $(14,095)$

Gross margin $21,465$

Depreciation expense $(3,054)$

Operating income $18,411$

Gain on sale of equipment $700$

Loss on disposal of land $(40)$

Net income $ $19,071$

Additional Data

During $2017,$ the company sold equipment for $$18,700$; it had originally cost $$28,200.$ Accumulated depreciation on this equipment was $$10,200$ at the time of the sale. Also, the company purchased equipment for $$6,550$ cash.

The company sold land that had cost $$3,140.$ This land was sold for $$3,100,$ resulting in the recognition of a $$40$ loss. Also, common stock was issued in exchange for title to land that was valued at $$14,100$ at the time of exchange.

Paid dividends of $$9,536.$

Required

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