Lu Corporation's comparative balance sheet is presented below.

Additional information:
1. Profit was $22,630. Dividends declared and paid were $19,500.
2. No noncash investing and financing activities occurred during 2017.
3. The land was sold for cash of $4,900 resulting in a loss of $1,100 on the sale of the land.
Instructions
Prepare a cash flow statement for 2017 using the indirect method. Lu Corporation reports under ASPE.

LU CORPORATION Balance Sheet December 31 2017 2016 Accounts receivable Land Buildings Accumulated depreciation-buildings Total $14,300 21,200 20,000 70,000 (15,000) 110,500 10,700 23,400 26,000 70,000 (10,000) $120,100 Accounts payable Common shares Retained earnings 12,370 75,000 23,130 $110,500 31,100 69,000 20,000 $120,100