Shown below are comparative balance sheets for Sheffield Company.
Sheffield Company Comparative Balance Sheets December 31 Assets 2017 2016
Cash $70,040 $22,660
Accounts receivable 90,640 78,280
Inventory 172,010 194,670
Land 82,400 103,000
Equipment 267,800 206,000
Accumulated depreciation-equipment (67,980 ) (32,960 )
Total $614,910 $571,650
Liabilities and Stockholders? Equity Accounts payable $40,170 $44,290
Bonds payable 154,500 206,000
Common stock ($1 par) 222,480 179,220
Retained earnings 197,760 142,140
Total $614,910 $571,650
Additional information:
1. Net income for 2017 was $95,790.
2. Depreciation expense was $35,020.
3. Cash dividends of $40,170 were declared and paid.
4. Bonds payable amounting to $51,500 were redeemed for cash $51,500.
5. Common stock was issued for $43,260 cash.
6. No equipment was sold during 2017.
7. Land was sold for its book value.
Prepare a statement of cash flows for 2017 using the indirect method.