VELO COMPANY

Comparative Balance Sheets

December 31

Assets

2017 2016

Cash $ 73,200 $ 32,900

Accounts receivable 85,600 70,900

Inventory 169,700 187,100

Land 73,000 101,700

Equipment 260,600 199,000

Accumulated depreciationequipment (65,600 ) (34,100 )

Total $596,500 $557,500

Liabilities and Stockholders Equity

Accounts payable $ 35,200 $ 46,800

Bonds payable 150,900 203,600

Common stock ($1 par) 216,500 175,500

Retained earnings 193,900 131,600

Total $596,500 $557,500

Additional information: 1. Net income for 2017 was $103,100. 2. Cash dividends of $40,800 were declared and paid. 3. Bonds payable amounting to $52,700 were redeemed for cash $52,700. 4. Common stock was issued for $41,000 cash. 5. No equipment was sold during 2017, but land was sold at cost.

Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)