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Exercise 13-8 Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $73,400 85,800 170,200 72,800 260,600 (66,100) $596,700 $33,100 71,200 187,000 101,000 200,800 (33,900) $559,200 $35,000 151,400 217,600 192,700 $596,700 $47,500 203,400 174,100 134,200 $559,200 Additional information: 1. Net income for 2017 was $103,600. 2. Cash dividends of $45,100 were declared and paid. 3. Bonds payable amounting to $52,000 were redeemed for cash $52,000. 4. Common stock was issued for $43,500 cash. 5. No equipment was sold during 2017, but land was sold at cost. 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).) VELO COMPANY Statement of Cash Flows Adjustments to reconcile net income to > $ A >