Planner Corporation's Comparative Balance Sheets Are Presented Below

Planner Corporation's comparative balance sheets are presented below. Additional information:
1. Net income was $27,900. Dividends declared and paid were $22,500.
2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $5,900.
Instruction
(a) Prepare a statement of cash flows for 2017 using the indirect method.
(b) Compute free cash flow.

Correct Answer:

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