Reference no: EM132847385

Problem - A comparative statement of financial position for Grouper Industries Inc. follows:

GROUPER INDUSTRIES INC. Statement of Financial Position December 31, 2017
	December 31
Assets	2017	2016
Cash	$21,800	$34,800
Accounts receivable	119,000	55,600
Inventory	229,000	209,000
Land	90,000	116,000
Equipment	280,000	209,000
Accumulated depreciation-equipment	(70,100)	(42,500)
Total	$669,700	$581,900
Liabilities and Shareholders' Equity
Accounts payable	$53,600	$59,700
Bonds payable	184,800	233,800
Common shares	215,000	166,000
Retained earnings	216,300	122,400
Total	$669,700	$581,900

Additional Information:

1. Net Income for the fiscal year ending December 31, 2017, was $147,000.

2. Cash dividends of $53,100 were declared and paid. Dividends paid are treated as financing activities.

3. Bonds payable amounting to $49,000 were retired through Issuance of common shares.

4. Land was sold at a gain of $3,000.

5. No equipment was sold during the year.

Required - Prepare a statement of cash flows using the indirect method.