The 2015 comparative balance sheet and income statement of Appleton Group, Inc. follow. Appleton disposed of a plant asset at book value during 2015.

APPLETON GROUP, INC.
Comparative Balance Sheet
December 31, 2015 and 2014

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Prepare the spreadsheet for the 2015 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed for $ 0. The cost and accumulated depreciation of the disposed asset was $ 14,120. There were no sales of land, no retirement of common stock, and no treasury stocktransactions.

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APPLETON GROUP INC. Income Statement Year Ended December 31, 2015 Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses: 439,000 205,500 233,500 Salaries Expense 76,500 15,500 49,500 Other Operating Expenses Total Operating Expenses 141,500 Operating Income 92,000 Other Revenues and (Expenses): Interest Revenue Interest Expense Total Other Revenues and (Expenses 11,800 24,300) Net Income Before Income Taxes Income Tax Expense Net Income (12,500) 79,500 16,300 S 63,200 2015 2014 Assets Current Assets: 5 9,300 15,300 43,200 93,700 Accounts Receivable 42,000 Merchandise Inventory 97,100 Long-term Assets: 113,160 (18,860) 16,000 S 262,500 Plant Assets 121,440 (20,240) 41,100 $ 290,700 Accumulated Depreciation Flant Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Liabilities 25,600 24,000 26,600 22,800 Long-term Liabilities: 46,000 95,600 Notes Payable 62,000 111,400 Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders Equity 140,300 54,800 195,100 $ 290,700 131,400 19,700 151,100 $ 262,500