Haslem, Inc. has 3 million shares of common stock outstanding, 1 million shares of preferred stock, and 80,000 bonds. The common stock is selling for $50 per share, the preferred stock is selling for $33 per share, and the bonds are 25 year, 8.5%, $1,000 bonds that are presently selling for $1,080 (semiannual interest). The preferred stock pays an annual dividend of $2.70, and the common dividend paid in the year just ended was $2.40. The dividend on the common stock is projected to grow at a rate of 6% indefinitely

Required information lansing company’s 2017 income statement and selected balance sheet data (for current assets and current liabilities) at december 31, 2016 and 2017, follow. lansing company income statement for year ended december 31, 2017 sales revenue $130,200 expenses cost of goods sold 53,000 depreciation expense 17,500 salaries expense 29,000 rent expense 10,100 insurance expense 4,900 interest expense 4,700 utilities expense 3,900 net income $7,100 lansing company selected balance sheet accounts at december 31 2017 2016 accounts receivable $6,700 $8,000 inventory 3,080 2,090 accounts payable 5,500 6,800 salaries payable 1,100 810 utilities payable 440 270 prepaid insurance 370 500 prepaid rent 440 290 required: prepare the cash flows from operating activities section only of the company’s 2017 statement of cash flows using the indirect method. (amounts to be deducted should be indicated with a minus sign.)