The following are comparative balance sheets for Mitch Company.

Additional information: Net income for 2017 was $93,000. Depreciation expense was $34,000. Cash dividends of $39,000 were declared and paid. Bonds payable amounting to $50,000 were redeemed for cash $50,000. Common stock was issued for $42,000 cash. No equipment was sold during 2017. Land was sold for its book value. Instructions Prepare a statement of cash flows for 2017 using the indirect method. Identify phases of product life cycle.

MITCH COMPANY COMPARATIVE DATA SHEET DECEMBER 31 Assets 2017 2018 Cash $68000 $22000 Accounts Receivable 88000 76000 Inventory 167000 189000 Land 80000 100000 Equipment 260000 200000 Accumulated depreciation-equipment (66000) (32000) $597000 $555000 Total Liabilities and Stock Holder Equity 2017 2018 Accounts payable $39000 $43000 Bonds payable 150000 200000 Common stock ($1 par) 216000 174000 Retained earnings 192000 138000 Total $597000 $555000