The comparative balance sheets for Kohl Company appear below:

Kohl Company

Comparative Balance Sheet

December 31, 2017 December 31, 2016

Assets

Cash $27,000 $12,000

Accounts Receivable 18,000 14,000

Prepaid Expenses 6,000 9,000

Inventory 27,000 18,000

Land -0- 18,000

Equipment 62,000 30,000

Accumulated Depreciation Equipment (20,000) (14,000)

Total Assets $120,000 $87,000

Liabilities and Stockholders Equity

Accounts Payable $19,000 $ 9,000

Bonds Payable 35,000 43,000

Common Stock 40,000 25,000

Retained Earnings 26,000 10,000

Total Liabilities and Stockholders Equity $120,000 $87,000

Additional information:

1. Net income for the year ending December 31, 2017 was $40,000.

2. Cash dividends of $24,000 were declared and paid during the year.

3. Land that had a cost of $18,000 was sold for 14,000, resulting in a $4,000 loss.

Required:

Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method.