The comparative balance sheets for Spicer Company as of December 31 are

Additional information:

1. Operating expenses include depreciation expense of $42,000.

2. Land was sold for cash at book value.

3. Cash dividends of $12,000 were paid.

4. Net income for 2017 was $37,000.

5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.

6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.

Instructions

Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method.

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Assets Cash Accounts receivable Inventory Prepaid expenses Land SPICER COMPANY Comparative Balance Sheets maldon December 31 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total greitsen enioe0 M3. 2017 $ 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) 225,000 (45,000) $749,730 $ 44,730TRO 300,000 200,000 205,000 $749,730 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 (40,000) 155,000 (35,000) $676,000 $ 36,000 300,000 160,000 180,000 $676,000 Assets Cash Accounts receivable Inventory Prepaid expenses Land SPICER COMPANY Comparative Balance Sheets maldon December 31 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total greitsen enioe0 M3. 2017 $ 68,000 50,000 151,450 15,280 145,000 200,000 (60,000) 225,000 (45,000) $749,730 $ 44,730TRO 300,000 200,000 205,000 $749,730 2016 $ 45,000 58,000 142,000 21,000 130,000 200,000 (40,000) 155,000 (35,000) $676,000 $ 36,000 300,000 160,000 180,000 $676,000