Deliberate speed corporation (dsc) was incorporated as a private company. the company's accounts included the following at june 30: accounts payable $20,600buildings 92,000cash 60,250 common stock 205,000equipment 157,500land 207,000notes payable (long-term) 3,400retained earnings 404,250supplies 16,500 during the month of july, the company had the following activities: (a) issued 4,200 shares of common stock for $420,000 cash. (b) borrowed $194,000 cash from a local bank, payable in two years. (c) bought a building for $265,250; paid $97,250 in cash and signed a three-year note for the balance. (d) paid cash for equipment that cost $282,000. (e) purchased supplies for $37,250 on account.

Exercise 12-7 shown below are comparative balance sheets for flint corporation. flint corporation comparative balance sheets december 31 assets 2017 2016 cash $ 201,348 $ 65,142 accounts receivable 260,568 225,036 inventory 494,487 559,629 land 236,880 296,100 equipment 769,860 592,200 accumulated depreciation—equipment (195,426 ) (94,752 ) total $1,767,717 $1,643,355 liabilities and stockholders’ equity accounts payable $ 115,479 $ 127,323 bonds payable 444,150 592,200 common stock ($1 par) 639,576 515,214 retained earnings 568,512 408,618 total $1,767,717 $1,643,355 additional information: 1. net income for 2017 was $275,373. 2. depreciation expense was $100,674. 3. cash dividends of $115,479 were declared and paid. 4. bonds payable amounting to $148,050 were redeemed for cash $148,050. 5. common stock was issued for $124,362 cash. 6. no equipment was sold during 2017. 7. land was sold for its book value. prepare a statement of cash flows for 2017 using the indirect method.