Question: The comparative balance sheets for Spicer Company as of December 31 are presented below.
Additional information: 1. Operating expenses include depreciation expense of $42,000.
2. Land was sold for cash at book value.
3. Cash dividends of $12,000 were paid.
4. Net income for 2017 was $37,000.
5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.
6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.
Instructions: Prepare a statement of cash flows for the year ended December 31, 2017, using the indirect method.