The comparative balance sheets and income statements for Gypsy Company follow:

Income Statement
For the Year Ended December 31, 2017
Sales revenue.................................... $ 61,200
Cost of goods sold.............................. (24,500)
Gross margin....................................... 36,700
Depreciation expense........................... (12,000)
Operating income................................. 24,700
Gain on sale of equipment........................ 1,500
Loss on disposal of land........................... (100)
Net income...................................... $ 26,100
Additional Data
1. During 2017, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash.
2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange.
3. Paid dividends of $12,400.
Required
Prepare a statement of cash flows using the indirect method.

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Balance Sheets As of December 31 2017 2016 32,500 4,750 11,200 45,000 (17,800) 28,000 $103,650 $16,300 2,800 9,800 52,000 (21,800) 12,000 Accounts receivable Equipment Accumulated depreciation--Equipment 7 Total assets Liabilities and equity $ 3,750 4,900 7,800 25,000 33,400 Accounts payable (inventory) Long-term debt mon stock Retained earnings Total liabilities and equity 5,800 47,000 47,100 $103,650