Exercise 1 (78 pts) Shown below are comparative balance sheets for Teal Mountain Company. Assets Cash Accounts Receivable Inventory Land Equipment Accumulated Depreciation -Equipment Total 2072016 205,156 66,374 265,496 229,292 503,839 570,213 241,360 301,700 784,420 603,400 (199,122) (96,544) 1,801,149 1,674,435 Liabilities and Stockholders' Equity Accounts Payable Bonds Payable Common Stock ($1 par) Retained Earnings Total 117,663 129,731 452,550 603,400 651,672 524,958 579,264 416,346 1,801,149 1,674,435 Additional information: 1.Net income for 2017 was $280,581. 2.Depreciation expense was $102,578. 3.Cash dividends of $117,663 were declared and paid. 4.Bonds payable amounting to $150,850 were redeemed for cash $150,850. 5.Common stock was issued for $126,714 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 on the following page