Use the Stenback Exercise Equipment data in Exercise E14-23. Prepare the company€™s statement of cash flows indirect method for the year ended December 31, 2016. Assume investments are purchased with cash.

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STENBACK EXERCISE EQUIPMENT, INC. Income Statement Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Protit Operating Expenses 5 711,000 343,000 368,000 Depreciation Expense Other Operating Expenses Total Operating Expenses S 51,000 215,000 266,000 Net Income S 102,000 STENBACK EXERCISE EQUIPMENT, INC. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory 21,000 15,000 56,000 84,000 50,000 88,000 Long-term Assets: Plants Assets 268,700 217.200 (41,700) (34,200) 75,000 $481,000 $411,000 Investments 93,000 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable 75,000 2,000 74,000 4,000 Long-term Liabilities: Notes Payable 59,000 65,000 Total Liabilities 36,000 143,000 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity. Total Liabilities and Stockholders' Equity 233,000 268,000 $481,000 411,000 42,000 303,000 345,000