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In: AccountingExercise 12-17B Direct: Preparing statement of cash flows andsupporting note LO P1, P3, P5Cash...Exercise 12-17B Direct: Preparing statement of cash flows andsupporting note LO P1, P3, P5Cash and cash equivalents balance, December 31, 2016$35,000Cash and cash equivalents balance, December 31, 201798,420Cash received as interest3,500Cash paid for salaries101,500Bonds payable retired by issuing common stock (no gain or losson retirement)145,000Cash paid to retire long-term notes payable175,000Cash received from sale of equipment85,750Cash received in exchange for six-month note payable35,000Land purchased by issuing long-term note payable84,100Cash paid for store equipment33,250Cash dividends paid21,000Cash paid for other expenses56,000Cash received from customers679,000Cash paid for inventory353,080Use the above information about the cash flows of Ferron Companyto prepare a complete statement of cash flows (directmethod) for the year ended December 31, 2017. (Amountsto be deducted should be indicated with a minussign.)