Exercise 12-7 Shown below are comparative balance sheets for Shamrock Company. Shamrock Company Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 155,652 $ 50,358 Accounts receivable 201,432 173,964 Inventory 382,263 432,621 Land 183,120 228,900 Equipment 595,140 457,800 Accumulated depreciationequipment (151,074 ) (73,248 ) Total $1,366,533 $1,270,395 Liabilities and Stockholders Equity Accounts payable $ 89,271 $ 98,427 Bonds payable 343,350 457,800 Common stock ($1 par) 494,424 398,286 Retained earnings 439,488 315,882 Total $1,366,533 $1,270,395 Additional information: 1. Net income for 2017 was $212,877. 2. Depreciation expense was $77,826. 3. Cash dividends of $89,271 were declared and paid. 4. Bonds payable amounting to $114,450 were redeemed for cash $114,450. 5. Common stock was issued for $96,138 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. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000)). Shamrock Company Statement of Cash Flows $ Adjustments to reconcile net income to $ $