Prepare a statement of cash flowsindirect method.

(LO 2), AP

Here are comparative balance sheets for Velo Company.

VELO COMPANY Comparative Balance Sheets December 31
Assets	2017	2016
Cash	$63,000	$22,000
Accounts receivable	85,000	76,000
Inventory	170,000	189,000
Land	75,000	100,000
Equipment	270,000	200,000
Accumulated depreciationequipment	(66,000)	(32,000)
Total	$597,000	$555,000
Liabilities and Stockholders' Equity
Accounts payable	$39,000	$47,000
Bonds payable	150,000	200,000
Common stock ($1 par)	216,000	174,000
Retained earnings	192,000	134,000
Total	$597,000	$555,000

Additional information:

Net income for 2017 was $93,000.

Cash dividends of $35,000 were declared and paid.

Bonds payable amounting to $50,000 were redeemed for cash $50,000.

Common stock was issued for $42,000 cash.

No equipment was sold during 2017, but land was sold at cost.

Instructions

Prepare a statement of cash flows for 2017 using the indirect method.