Prepare statement of cash flows using the indirect method the year 2017. libby inc. income statement for the year ended on december 31, 2017 sales $100,000 cost of goods sold $61,000 depreciation 5,000 loss on sale of land 1,000 supplies expense 8,000 salaries expense 10,000 income tax expense 3,000 total expense $88,000 net income 12,000 libby inc. balance sheet december 31 2017 2016 asset cash $44,000 $18,000 accounts receivable 27,000 29,000 inventory 30,000 36,000 land 50,000 65,000 equipment 60,000 37,000 buildings 100,000 0 less accumulated depreciation (35,000) (30,000) total assets 276,000 155,000 accounts payable $25,000 $22,000 salaries payable 800 1,000 notes payable, long term 138,000 48,000 common stock 80,000 60,000 retained earnings 32,200 24,000 total liab. and se. 276,000 155,000 additional information 1. bought equipment for cash, $23,000. 2. sold land costing $15,000 only for $14,000 with loss on sale of land $1,000 3. paid $10,000 on long term note payable. 4. issue new shares of common stock for $20,000. 5. declared and paid a $3,800 dividend in cash. 6. purchased a building by signing a notes payable for $100,000