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Union Brake Inc.'s comparative balance sheet information at December 31, 2017 and 2016, and its income statement for the year ended December 31, 2017, are as follows: Union Brake Inc Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold $893,000 586,000 $307 000 Gross profit Operating expenses Depreciation expense Operating Profit Loss on sale of equipment Investment income $132.820 41,380 174,200 132,800 9,240 16,520 Profit before taxes Income taxes Profit 140.080 28 000 112,080 Union Brake Inc Balance Sheet Information December 31 2017 2016 Cash $ 58 000 $ 26,960 Cash equivalents 22 280 11,600 Accounts receivable 90 320 47 440 Inventory 116,240 93,520 Investment 0 22,280 Land 78,800 78,800 Building and equipment 461,580 478 100 Accumulated depreciation 140,080 118,960 Accounts payable 10,020 39.800 Dividends payable 3,200 600 Bonds payable 34.000 0 Preferred shares 83,600 83,600 Common shares 408,080 408,080 Net Change S 31040 10.680 42,880 22,720 (22280) (16,520) 21,120 (29,780) 2.600 34,000 Union Brake Inc Balance Sheet Information December 31 2017 2016 Cash $ 58,000 $26.960 Cash equivalents 22,280 11.600 Accounts receivable 90,320 47.440 Inventory 116,240 93,520 Investment 0 22,280 Land 78 800 78.800 Building and equipment 461,580 478,100 Accumulated depreciation 140,080 118,960 Accounts payable 10020 39,800 Dividends payable 3,200 600 Bonds payable 34.000 Preferred shares 83.600 83,600 Common shares 408 080 408 080 Retained earnings 148,240 107,660 Net Change $ 31,040 10.680 42 880 22,720 (22.280) 0 (16,520) 21,120 (29,780) 2.600 34.000 0 40,580 During 2017, the following transactions occurred: 1. Purchased equipment for $20,200 cash. 2. Sold the long-term investment on January 1, 2017 for $38,800, resulting in investment income of 16,520. 3. Sold equipment for $7,zzo cash that nad onginally cost $36,720 and had $20,260 of accumulated depreciation. 4. Issued $34,000 of bonds payable at face value. Required: 1. How much cash was paid in dividends? Dividends paid 2. Prepare a statement of cash flows for Union Brake for the year ended December 31, 2017 using the indirect method. (List any deduction in cash and cash outflows as negative amounts.) UNION BRAKE INC. Statement of Cash Flows For Year Ended December 31, 2017 Cash flows from operating activities Adjustments to reconcile profit to net cash inflows from operating activities Cash flows from investing activities Cash flows from financing activities