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Preparing the Statement of Cash Flows The 2016 income statement and comparative balance sheet of RH, Inc is as follow: RH, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue P442,000 Cost of Goods Sold 208,200 Gross Profit 233,800 Operating Expenses: Salaries Expense 74,400 Depreciation Expense Plant Assets 15,000 Other Operating Expenses 10.800 Total Operating Expenses 100 200 Operating Income 133,600 Other Revenue and (Expenses): Interest Revenue 8,100 Interest Expense (21,500) Total Other Revenues and (Expenses) (13.400) Net Income Before Income Taxes 120,200 Income Tax Expense 19400 Net Income P100,800 RH, INC. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Current Assets: Cash 26,200 14,900 Accounts Receivable 26,400 25,000 Merchandise Inventory 79,100 91,500 Long-term Assets: Plant Assets 121,780 111,150 Accumulated Depreciation-Plant Assets (18,880) (15,450) Land 34.400 13,000 Total Assets P269 000 P240 100Liabilities Current Liabilities: Accounts Payable 34,900 30,800 Accrued Liabilities 27,900 30,900 Long-term Liabilities: Notes Payable 78,000 105,000 Total Liabilities P140,800 P166,700 Stockholders' Equity Common Stock, no par 88,900 64,900 Retained Earnings 39.300 8,500 Total Stockholders' Equity 128,200 73,400 Total Liabilities and Stockholders' Equity P269,000 P240,100 Additionally, RH purchased land of P21,400 by financing it 100% with long-term notes payable during 2016. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for PO. The cost and accumulated depreciation of the disposed asset was P11 ,570. The plant acquisition was for cash. Requirements 1. Prepare the 2016 statement of cash flows using the indirect method of formatting operating activities. 2. Show the operating activities section of RH, Inc.'s cash flow statement using the direct method 2. How will what you learned in this problem help you evaluate an investment