Prepare statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Harding Industries, Inc.

Harding Industries, Inc.
Income Statement
For the Year Ended December 31, 2017
Sales revenues			$956,000
Less: Cost of goods sold			381,000
Gross profit			$575,000
Less operating expenses:
Salaries and wages expense		$190,000
Insurance expense		10,500
Depreciation expense		52,000
Other operating expenses		84,000
	Total operating expenses		336,500
Operating income			$238,500
Plus other income and less other expenses:
Interest expense		$5,800
Gain on sale of PP&E		4,000
	Total other income and expenses		1,800
Income before income taxes			$236,700
Less: Income tax expense			71,010
Net income			$165,690

Harding Industries, Inc.
Comparative Balance Sheets
December 31, 2017 and 2016
Assets		2017	2016
Current assets:
Cash		$474,000	$286,000
Accounts receivable		71,000	125,000
Inventory		329,000	216,000
Prepaid insurance		8,500	5,500
Total current assets		$882,500	$632,500
Property, plant, and equipment		$625,000	$595,000
Less: Accumulated depreciation		(152,000)	(110,000)
Investments		87,000	75,000
Total assets		$1,442,500	$1,192,500
Liabilities
Current liabilities:
Accounts payable (inventory purchases)		$59,000	$32,000
Wages payable		16,300	17,300
Interest payable		1,500	700
Income taxes payable		62,010	13,000
Other accrued expenses payable		6,500	3,200
Total current liablities		$145,310	$66,200
Long-term liabilities		68,000	26,000
Total liabilities		$213,310	$92,200
Stockholders' equity
Common stock		$602,000	$602,000
Retained earnings		627,190	498,300
Total stockholders' equity		$1,229,190	$1,100,300
Total liabilities and equity		$1,442,500	$1,192,500

Additional information follows:

a.	Sold plant asset for $4,300. The original cost of this plant asset was $10,300 and it had $10,000 of accumulated depreciation associated with it.
b.	Paid $6,500 on the bonds payable; issued $48,500 of new bonds payable.
c.	Declared and paid cash dividends of $36,800.
d.	Purchased new investment for $12,000. Paid cash.
e.	Purchased new equipment for $40,300. Paid cash.

Requirement

Prepare a statement of cash flows for Harding Industries, Inc., for the year ended December 31, 2017 using the indirect method.