Prepare the cash flow statement using the indirect method.

E17- -14 Comparative balance sheets for International Company are presented below. INTERNATIONAL COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable o Inventory O Land T Equipment Accumulated depreciation-equipment 2017 2016 $ 73,000 22,000 51o0 76,000 1o 189,000 90 100,000 2 200,000 S (42,000) 2 $545,000 85,000 180,000 75,000 250,000 (66,000) Total $597,000 Liabilities and Stockholders' Equity Accounts payable O Bonds payable F Common stock ($1 par) F Retained earnings 34,000 150,000 214,000 199,000 $ 47,000 200,000 164,000 5 134,000 $597,000 $545,000 Total Additional information: 1. Net income for 2017 was $135,000. 2. Cash dividends of $70,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $50,000 cash. 5. Depreciation expense was $24,000.0 6. Sales revenue for the year was $978,000. O 7. Land was sold at cost, and equipment was purchased for cash