Prepare statement of cash flows using the indirect method the year 2017 Libby Inc. Income statement For the year ended on December 31, 2017 Sales $100,000 Cost of Goods Sold $61,000 Depreciation 5,000 Loss on sale of land 1,000 Supplies Expense 8,000 Salaries Expense 10,000 Income Tax Expense 3,000 Total Expense $88,000 Net income 12,000 Libby Inc. Balance Sheet December 31 2017 2016 Asset Cash Accounts Receivable Inventory Land Equipment Buildings $44,000 27,000 30,000 50,000 60,000 100,000 $18,000 29,000 36,000 65,000 37,000 Less Accumulated Depreciation (35,000) (30,000) Total Assets 276,000 155,000 Accounts Payable Salaries Payable Notes Payable, Long Term Common Stock Retained Earnings Total Liab. and SE. $25,000 800 138,000 80,000 32,200 276,000 $22,000 1,000 48,000 60,000 24,000 155,000 Additional Information 1. Bought equipment for cash, $23,000. 2. Sold Land costing $15,000 only for $14,000 with loss on sale of land $1,000 3. Paid $10,000 on long term note payable. 4. Issue new shares of common stock for $20,000. 5. Declared and paid a $3,800 dividend in cash. 6. Purchased a building by signing a notes payable for $100,000 What is cash flows from: Operating activities Investing activities Financing activities Non-cash activities