Prepare the statement of cash flows for the year ended

Question

GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2017
Revenues:
Service revenue (clinic, racing, TEAM)	$ 539,000
Sales revenue (MU watches)	114,000
Total revenues		$ 653,000
Expenses:
Cost of goods sold (watches)	68,000
Operating expenses	304,076
Depreciation expense	48,000
Interest expense	29,524
Income tax expense	55,800
Total expenses		505,400
Net income		$ 147,600

GREAT ADVENTURES, INC. Balance Sheet December 31, 2017 and 2016
	2017			2016			Increase (I) or Decrease (D)
Assets
Current assets:
Cash	$	301,380		$	136,000		$	165,380	(I)
Accounts receivable		42,000			33,000			9,000	(I)
Inventory		16,700			13,800			2,900	(I)
Other current assets		12,700			10,800			1,900	(I)
Long-term assets:
Land		500,000			0			500,000	(I)
Buildings		1,000,000			0			1,000,000	(I)
Equipment		63,000			63,000
Accumulated depreciation		(72,750)			(24,750)			48,000	(I)
Total assets	$	1,863,030		$	231,850
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	11,700		$	8,800		$	2,900	(I)
Interest payable		730			730
Income tax payable		55,800			37,000			18,800	(I)
Long-term liabilities:
Notes payable		471,380			29,000			442,380	(I)
Stockholders' Equity:
Common stock		120,000			20,000			100,000	(I)
Paid-in capital		1,105,500			0			1,105,500	(I)
Retained earnings		169,420			136,320			33,100	(I)
Treasury stock		(71,500)			0			(71,500)	(I)
Total liabilities and stockholders' equity	$	1,863,030		$	231,850

Additional Information for 2017:
1.	Borrowed $480,000 in January 2017. Made 12 monthly payments during the year, reducing the balance of the loan by $37,620.
2.	Issued common stock for $1,200,000.
3.	Purchased 11,000 shares of treasury stock for $13 per share.
4.	Reissued 5,500 shares of treasury stock at $14 per share.
5.	Declared and paid a cash dividend of $114,500.

Required:

Prepare the statement of cash flows for the year ended December 31, 2017, using the indirect method.(List cash outflows as negative amounts.)