Question 7 Shown below are comparative balance sheets for Sarasota Company. Sarasota Company Comparative Balance Sheets December 31 Assets 2017 Cash $ 162,860 Accounts receivable 210,760 Inventory 399,965 Land 191,600 Equipment 622,700 Accumulated depreciation- (158,070 ) equipment Total $1,429,815 Liabilities and Stockholders' Equity Accounts payable $ 93,405 Bonds payable 359,250 Common stock ($1 par) 517,320 Retained earnings 459,840 Total $1,429,815 2016 $ 52,690 182,020 452,655 239,500 479,000 (76,640) $1,329,225 $ 102,985 479,000 416,730 330,510 $1,329,225 Additional information: 1. Net income for 2017 was $222,735. 2. Depreciation expense was $81,430. 3. Cash dividends of $93,405 were declared and paid. 4. Bonds payable amounting to $119,750 were redeemed for cash $119,750. 5. Common stock was issued for $100,590 cash. 6. No equipment was sold during 2017. 7. Land was sold for its book value. Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000)). Sarasota Company Statement of Cash Flows Adjustments to reconcile net income to