The comparative statement of financial position of Novak Corporation as at December 31, 2017, follows: NOVAK CORPORATION Statement of Financial Position December 31 December 31 Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total 2017 2016 s 51,940 12,740 89,180 86,240 26,460 21,560 (9,800) (10,780) $157,780 $109,760 = Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total $ 19,600 $ 14,700 98,000 78,400 40,180 16,660 $157,780 $109,760 Net income of $36,260 was reported and dividends of $12,740 were declared and paid in 2017. New equipment was purchased, and equipment with a carrying value of $4,900 (cost of $11,760 and accumulated depreciation of $6,860) was sold for $7,840. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Novak prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)