pul-45 Statement of Cssa Flows (Indirect Method) rctic Com LO2 pany's income statement and comparative balance sheets follow. ARCTIC COMPANY Income Statement For Year Ended December 31, 2017 Sales. . $728,000 18,000 770,000 $ (42,000) (25,000) Cash Flows 45 Module 11 ARCTIC COMPANY Balance Sheet Dec. 31, 2017 Dec. 31,2016 49,000 42,000 107,000 10,000 360,000 (78,000) $490,000 $ 28,000 Assets 50,000 13,000 13,000 222,000 (56,000 $370,000 Inventory Accumulated depreciation Liabilities and Stockholders' Equity Accounts payable. Interest payable .. 17,000 $ 31,000 6,000 200,000 Retained earnings .. Treasury stock 245,000 52,000 (30,000) 245,000 94,000 $370,000 Total liablitis and equi$490,000 During 2017, Arctic sold land for $70,000 cash that had originally cost $45,000. Arctic also purchsed equipment for cash, acquired treasury stock for cash, and issued bonds payable for cash in 201.8 counts payable relate to merchandise purchases. Required a. Compute the change in cash that occurred during 2017. b. Prepare a 2017 statement of cash flows using the indirect method