The comparative balance sheets for Novak Corp. as of December 31 are presented below. Novak Corp. Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2017 2016 100,028 66,195 85,318 208,882 22,477 30,891 213,295 191,230 294,200 73,550 222,783 294,200 (88,260) (58,840) 330,975 228,005 (66,195) (51,485) $1,102,853 $994,396 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total 65,798 $52,956 441,300 441,300 294,200 235,360 301,555 264,780 $1,102,853 $994,396 Additional information: 1. Operating expenses include depreciation expense of $61,782. 2. Land was sold for cash at book value. 3. Cash dividends of $17,652 were paid 4. Net income for 2017 was $54,427 5. Equipment was purchased for $135,332 cash. In addition, equipment costing $32,362 with a book value of $14,710 was sold for $11,768 cash. 6. 58,840 shares of $1 par value common stock were issued in exchange for land with a fair value of $58,840. 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 eg. -15,000 or in parenthesis e.g.(15,000).) Novak Corp. Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Decrease in Accounts Receivable Increase in Inventory Versio Increase in Inventory Decrease in Prepaid Expenses Increase in Accounts Payable Loss on Disposal of Plant Assets Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Land Purchase of Equipment Sale of Equipment Net Cash used by Investing Activities