WINDSOR INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2017 AND 2016
		December 31
Debit Accounts		2017		2016
Cash		$42,200		$33,900
Accounts Receivable		71,100		60,200
Inventory		30,100		24,100
Equity investments		22,500		38,700
Machinery		29,900		18,900
Buildings		67,800		56,400
Land		7,600		7,600
		$271,200		$239,800
Credit Accounts
Allowance for Doubtful Accounts		$2,200		$1,500
Accumulated DepreciationMachinery		5,700		2,300
Accumulated DepreciationBuildings		13,600		9,000
Accounts Payable		34,700		24,500
Accrued Payables		3,500		2,600
Long-Term Notes Payable		21,100		30,700
Common Stock, no-par		150,000		125,000
Retained Earnings		40,400		44,200
		$271,200		$239,800

Additional data (ignoring taxes):

1.		Net income for the year was $42,500.
2.		Cash dividends declared and paid during the year were $21,300.
3.		A 20% stock dividend was declared during the year. $25,000 of retained earnings was capitalized.
4.		Equity investments (level of ownership is less than 20%) that cost $24,800 were sold during the year for $28,600. No unrealized gains and losses were recorded on these investments in 2017.
5.		Machinery that cost $3,800, on which $750 of depreciation had accumulated, was sold for $2,250.

Windsors 2017 income statement follows (ignoring taxes).

Sales revenue					$538,000
Less: Cost of goods sold					377,700
Gross margin					160,300
Less: Operating expenses (includes $8,750 depreciation and $5,691 bad debts)					120,800
Income from operations					39,500
Other: Gain on sale of investments		$3,800
Loss on sale of machinery		(800	)		3,000
Net income					$42,500

(b) Prepare a statement of cash flows using the indirect method.