Please prepare a Statement of Cash Flows using the indirect method showing work.

Sullivan Company				Sullivan Company
Comparative Balance Sheet				Income Statement
December 31, 2016 and 2015				For the Year Ended December 31, 2016
	2016	2015		Net sales		$ 950,000
ASSETS				Cost of goods sold		(600,000)
Current assets				Gross profit		350,000
Cash and cash equivalents	$ 70,000	$ 51,000		Operating expenses		(250,000)
Accounts receivable	145,000	122,000		Income from operations		100,000
Merchandise inventory	75,000	61,000		Other revenues and gains
Total current assets	290,000	234,000		Gain on sale of investments		15,000
Long-term investments				Other expenses and losses
Investments	55,000	85,000		Loss on disposal of equipment		(3,000)
Property, plant, and equipment				Income before income taxes		112,000
Land	40,000	25,000		Income tax expense		(45,000)
Building	145,000	145,000		Net Income		$ 67,000
Less: Accumulated depreciation	(37,000)	(28,000)
Equipment	70,000	48,000
Less: Accumulated depreciation	(21,000)	(14,000)
Total assets	$ 542,000	$ 495,000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$ 66,000	$ 60,000
Income tax payable	12,000	10,000
Total current assets	78,000	70,000
Long-term Liabilities
Notes payable	62,000	70,000
Total liabilities	140,000	140,000
Stockholders' equity
Common stock	310,000	260,000
Retained earnings	92,000	95,000
Total Stockholders Equity	402,000	355,000
Total Liabilities & Stockholders' Equity	$ 542,000	$ 495,000
Additional Information:
A. Equipment that cost $10,000 and was 60% depreciated was sold and cash was received.
B. Cash dividends were declared and paid.
C. Common Stock was issued in exchange for Land.
D. Investments that cost $35,000 were sold.