Exercise 12-7 Your answer is partially correct. Try again. Shown below are comparative balance sheets for Buffalo Industries. Buffalo Industries Comparative Balance Sheets December 31 2016 $60,038 207,404 515,781 272,900 545,800 (87,328) 2017 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable s 185,572 240,152 455,743 218,320 709,540 (180, 114) $1,629,213 $1,514,595 s 106,431 409,350 589,464 523,968 $1,629,213 s 117,347 545,800 474,846 376,602 $1,514,595 Common stock ($1 par) Retained earnings Total Additional information: 1. Net income for 2017 was $253,797. 2. Depreciation expense was $92,786. 3. Cash dividends of $106,431 were declared and paid. 4. Bonds payable amounting to $136,450 were redeemed for cash $136,45 5. Common stock was issued for $114,618 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. (Shoun Buffalo Industries Statement of Cash Flows For the Year Ended December 31, 2017 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Sale of Land Decrease in Accounts Payable Decrease in Inventory Net Cash Provided by Operating Activities Net Cash used by Investing Activities Purchase of Equipment Sale of Land Net Cash used by Investing Activities Cash Flows from Financing Activities Net Cash Provided by Operating Activities Net Cash used by Investing ActivitiesY Purchase of Equipment Sale of Land Net Cash used by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Payment of Cash Dividends Issuance of Common Stock Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Click if you would like to Show Work for this