The comparative balance sheets for kingbird, Inc. as of December 31 are presented below. Kingbird, Inc. Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 78,404 $ 51.885 Accounts receivable 57,650 66,874 Inventory 174,622 163,726 Prepaid expenses 17,618 24,213 Land 167,185 149.890 Buildings 230,600 230.600 Accumulated depreciation-buildings (69,180) (46,120) Equipment 259,425 178,715 Accumulated depreciation-equipment (51,885) (40.355) Total $864,439 $779,428 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 51,574 $ 41,508 345,900 345,900 230,600 184.480 236.365 207,540 $864,439 $779,428 Additional information: 1. Operating expenses include depreciation expense of $48,426. 2. Land was sold for cash at book value. 3. Cash dividends of $13,836 were paid. 4. Net income for 2017 was $42.661. 5. Equipment was purchased for $106,076 cash. In addition, equipment costing $25,366 with a book value of $11,530 was sold for $9,224 cash. 6. 46,120 shares of $1 par value common stock were issued in exchange for land with a fair value of $46,120. Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method. (Show amounts that decrease cash flow with either a- sign e.g.-15,000 or in parenthesis e.g. (15,000).) Kingbird, Inc. Statement of Cash Flows Adjustments to reconcile net income to 7 $ 7 $ $