required: prepare

statement of cash flow for 2017 using indirect method

Comparative Statements of Financial Position December 31 2017 2016 Land E 20,000 E 26,000 Buildings 70,000 70,000 Accumulated depreciation-buildings (15,000) (10,000) Accounts receivable 20,800 23,400 Cash 17,660 10,700 Total $113,460 $120,100 Share capital-ordinary $ 75.000 E 72,000 Retained earnings 26,090 20.000 Accounts payable 12,370 28,100 Total $113.460 $120.100 Additional information: 1. Net income was f22,590. Dividends declared andpaid were f 16,500. 2. All other changes in non-current account balances had a direct effect on cash flows, except the change in accumulated depreciation The land was sold for $5,000