The net changes in the statement of financial position accounts of Black Beauty Inc. for the calendar year 2017 are shown below: Account Debit Credit Cash 62,800 Accounts receivable $ 32,000 Allowance for doubtful accounts. 7,000 Inventory... 108.600 Prepaid expenses 10,000 Long-term investments 72.000 Land 150,000 Buildings 300,000 Machinery. 50.000 Office equipment... 14.000 Accumulated depreciation: Buildings. 12,000 Machinery 10,000 Office equipment 6.000 Accounts payable 91,600 Accrued liabilities. 36,000 Dividends payable 64,000 Bonds payable.. 416,000 Preferred shares 30.000 Common shares... 189,600 Retained earnings 43 600 $852.600 $852,600 Additional information: 1. Net income for the year was $70,000. 2. Cash dividends of $64,000 were declared December 15, 2017. payable January 15, 2018. A 5% common stock dividend was issued March 31, 2017, when the market value was $22.00 per share. At the time there were 36,000 common shares outstanding 3. The long-term investments were sold for $70,000. 4. A building which had cost $240,000, with a book value of $150,000, was sold for $200,000, and a new one was purchased. 5. The following entry was made to record an exchange of an old machine for a new one: Machinery 80,000 Accumulated Depreciation-Machinery.. 20,000 Machinery 30,000 Cash... 70,000 6. A fully depreciated copier machine, which cost $14,000, was written off. 7. Preferred shares originally issued for $30,000 were redeemed for $40,000. 8. Black Beauty sold 6,000 common shares on June 15, 2017 for $25 a share. 9. Bonds were sold at 104 on December 31, 2017 10. Land with a book value of $120,000 was sold for $54,000 Instructions Prepare a statement of cash flows (indirect method) for calendar 2017. The net changes in the statement of financial position accounts of Black Beauty Inc. for the calendar year 2017 are shown below: Account Debit Credit Cash 62,800 Accounts receivable $ 32,000 Allowance for doubtful accounts. 7,000 Inventory... 108.600 Prepaid expenses 10,000 Long-term investments 72.000 Land 150,000 Buildings 300,000 Machinery. 50.000 Office equipment... 14.000 Accumulated depreciation: Buildings. 12,000 Machinery 10,000 Office equipment 6.000 Accounts payable 91,600 Accrued liabilities. 36,000 Dividends payable 64,000 Bonds payable.. 416,000 Preferred shares 30.000 Common shares... 189,600 Retained earnings 43 600 $852.600 $852,600 Additional information: 1. Net income for the year was $70,000. 2. Cash dividends of $64,000 were declared December 15, 2017. payable January 15, 2018. A 5% common stock dividend was issued March 31, 2017, when the market value was $22.00 per share. At the time there were 36,000 common shares outstanding 3. The long-term investments were sold for $70,000. 4. A building which had cost $240,000, with a book value of $150,000, was sold for $200,000, and a new one was purchased. 5. The following entry was made to record an exchange of an old machine for a new one: Machinery 80,000 Accumulated Depreciation-Machinery.. 20,000 Machinery 30,000 Cash... 70,000 6. A fully depreciated copier machine, which cost $14,000, was written off. 7. Preferred shares originally issued for $30,000 were redeemed for $40,000. 8. Black Beauty sold 6,000 common shares on June 15, 2017 for $25 a share. 9. Bonds were sold at 104 on December 31, 2017 10. Land with a book value of $120,000 was sold for $54,000 Instructions Prepare a statement of cash flows (indirect method) for calendar 2017