The following are comparative balance sheets for Mitch Company.

Additional information:
1. Net income for 2017 was $93,000.
2. Depreciation expense was $34,000.
3. Cash dividends of $39,000 were declared and paid.
4. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
5. Common stock was issued for $42,000 cash.
6. No equipment was sold during 2017.
7. Land was sold for its book value.
Instructions
Prepare a statement of cash flows for 2017 using the indirect method.

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MITCH COMPANY Comparative Balance Sheets December 31 2017 2016 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation equipment(66,000) (32,000) Total 68,000 22,000 88,000 76,000 189,000 100,000 167,000 80,000 260,000 $597,000 $55,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 2017 s 39,000 150,000 216,000 192,000 $597,000 2016 $ 43,000 200,000 174,000 138,000 $555,000