The comparative balance sheets and income statement for Rundle Company follow: Balance Sheets As of December 31 2017 2016 Assets Cash $ 23,413 $ 2,872 Accounts receivable 2,313 1,388 Inventory 6,233 5,843 Equipment 20,465 44,205 Accumulated depreciation Equipment (6,915 ) (16,967 ) Land 18,030 10,310 Total assets $ 63,539 $ 47,651 Liabilities and equity Accounts payable (inventory) $ 2,748 $ 4,440 Long-term debt 2,739 6,261 Common stock 22,400 10,000 Retained earnings 35,652 26,950 Total liabilities and equity $ 63,539 $ 47,651 Income Statement For the Year Ended December 31, 2017 Sales revenue $ 33,380 Cost of goods sold (13,230 ) Gross margin 20,150 Depreciation expense (3,216 ) Operating income 16,934 Gain on sale of equipment 550 Loss on disposal of land (80 ) Net income $ 17,404 Additional Data During 2017, the company sold equipment for $18,282; it had originally cost $31,000. Accumulated depreciation on this equipment was $13,268 at the time of the sale. Also, the company purchased equipment for $7,260 cash. The company sold land that had cost $4,680. This land was sold for $4,600, resulting in the recognition of a $80 loss. Also, common stock was issued in exchange for title to land that was valued at $12,400 at the time of exchange. Paid dividends of $8,702. 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.)