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.

Prepare the statement one section at a time. (Use parentheses or a minus sign for numbers to be subtracted and for net cash outflows.)

Harding Industries, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenues $ 956,000 381,000 Less: Cost of goods sold Gross profit $575,000 Less operating expenses: Salaries and wages expense 190,000 Insurance expense 10,500 Depreciation expense 52,000 B4,000 Other operating expenses Total operating expenses 336,500 Operating income $ 238,500 Plus other income and less other expenses: Interest expense S 5,800 Gain on sale of PP&E 4.000 1,800 Total other income and expenses Income before income taxes $ 236,700 71,010 Less: Income tax expense $ 165,690 Net income 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. Harding Industries, Inc. Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2017 Operating Activities: Adjustments to reconcile net income to cash basis: Net cash provided by (used for) operating activities