Mark Heath has completed the basic format to be used in preparing the statement of cash flows (indirect method) for ABC Consultants. ABC Consultants 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 flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Net increase (decrease) in cash (50,000) Cash at the beginning of the period 95,000 Cash at the end of the period $45,000 Listed below in random order are line items to be included in the statement of cash flows. Purchase of equipment $220,000 Increase in inventory 30,000 Increase in prepaid rent 10,000 Payment of dividends 40,000 Depreciation expense 20,000 Increase in accounts receivable 60,000 Increase in accounts payable 10,000 Loss on sale of land 7,000 Net income 70,000 Repayment of notes payable 50,000 Cash received from the sale of land 3,000 Issuance of common stock 250,000 Required: Prepare the statement of cash flows for ABC Consultants using the indirect method (12 points). ~~