Presented below are the comparative balance sheets for Gordon Company at December 31, 2017, and 2016. Prepare a statement of cash flows.
GORDON COMPANY
Comparative Balance Sheet
December 31

Additional Information:
Land was sold for $28,000 cash. Land was also obtained through issuance of common stock (see item 2). These are the only two transactions impacting land.
Land was obtained by issuing 25,000 shares of $1 par value common stock. The land had a fair value of $36,000.
Cash dividends of $86,500 were paid.
Net income for 2017 was $100,000.
Equipment was purchased for cash. In addition, equipment costing $32,000 with a book value of $12,000 was sold for $9,000 cash.

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2017 2016 $ 113,500 $ 43,000 Cash Accounts Receivable 63,000 56,000 102,000 107,000 Inventory Prepaid Insurance 12,000 18,000 Land 136,000 120,000 Equipment 172,000 142,000 Accumulated Depreciation Equipment (46,000) (33,000) Building 200,000 200,000 Accumulated Depreciation Building (60,000) (39,000) $ 614,400 $ 692,500 Accounts Payable $33,000 S29,000 Bonds Payable 210,000 185,000 Common Stock, S1 Par 145,000 120,000 90,000 Paid-in Capital in Excess of Par 79,000 Retained Eamings 214,500 201,000 S 692,500 $ 614,000