The following information is available for Coronado Industries for the year ended December 31, 2017.

Beginning cash balance $ 46,575

Accounts payable decrease 3,830

Depreciation expense 167,670

Accounts receivable increase 8,487

Inventory increase 11,385

Net income 294,044

Cash received for sale of land at book value 36,225

Cash dividends paid 12,420

Income taxes payable increase 4,865

Cash used to purchase building 299,115

Cash used to purchase treasury stock 26,910

Cash received from issuing bonds 207,000

Prepare a statement of cash flows using the indirect method.

Coronado Industries

Statement of Cash Flows

December 31, 2017

Cash flow from operating activities:

Net income $294,044

Depreciation expense $167,670

Change in current assets ($19,872)

- Increase in accounts receivable ($8,487) - Increase in inventory ($11,385)

Change in current liabilities $1,035

- Decrease in accounts payable $3,830

+ Increase in taxes payable ($4,865)

Net cash flow generated by operating activities $442,877

Cash flow from investing activities:

Sale of land at book value $36,225

- Purchase of building ($299,115)

Net cash flow generated by investing activities ($262,890)

Cash flow from financing activities:

Bond issuance $207,000

- Purchase of treasury stocks ($26,910)

- Cash dividends ($12,420)

Net cash flow generated by financing activities $167,670

Net increase in cash $347,657