Problem 13-24 Blake Weaver, Cullumber Enterprises' controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and Income statement, which follow, and has gathered this additional Information: On December 31, 2016, Cullumber sold a piece of equipment with an original cost of $25,360 for $31,000 cash. The equipment had a book value of $13,530. On February 1, 2016, Cullumber issued $99,800 of common stock to raise cash in anticipation of the purchase of a new building later in the year. On February 2, 2016, Cullumber took out a ten-year $76,330 long-term loan to provide the remaining funds needed to purchase the building. On May 15, 2016, Cullumber paid $145,330 for the new building. The company repaid $4,760 of the long-term debt before the end of the year. Cullumber Enterprises Income Statement For the Year Ended December 31, 2016 Sales revenue $ 1,075,800 Gain on equipment sale 17,470 Total revenue 1,093,270 Cost of goods sold 709,400 Operating expenses Depreciation expense $ 30,210 Interest expense 7,990 Wages expenses 175,040 Other expenses 16,390 229,630 Income before taxes 154,240 Tax expense 63,950 Net Income $ 90,290 Cullumber Enterprises Comparative Balance Sheets As of December 31, 2016 2016 2015 Cash $ 129,100 $ 43,700 Accounts receivable, net 287,570 270,950 Inventory 126,100 95,370 Total current assets 542,770 410,020 Property, plant, & equipment 302,800 171,000 Accumulated depreciation 90,410 60,200 Net property, plant, & equipment 212,390 110,800 Total assets $ 755,160 $ 520,820 HLCOUNCS Teceivable, nec 207,370 270,90 Inventory 126,100 95,370 Total current assets 542,770 410,020 Property, plant, & equipment 302,800 171,000 Accumulated depreciation 90,410 60,200 Net property, plant, & equipment 212,390 110,800 Total assets $ 755,160 $ 520,820 Accounts payable $ 151,040 $ 175,370 Taxes payable 17,650 20,640 Mortgage payable 71,570 0 Total liabilities 240,260 196,010 Common stock 350,400 250,600 Retained earnings 164,500 74,210 Total stockholders' equity 514,900 324,810 Total liabilities & stockholders' equity $755,160 $ 520,820 Using the indirect method, prepare Cullumber Enterprises' statement of cash flows for 2016. (Show amounts that decrease cash flow with either a-sign, e.g.-15,000 or in parentheses, e.g. (15,000).) Cullumber Enterprises Statement of Cash Flows For the Year Ended December 31, 2016 Statement of Cash Flows For the Year Ended December 31, 2016 Net cash activities Net cash activities DALLULATOR PRINTER VERSION BA Net cash activities Net cash activities Net cash activities Click if you would like to Show Work for this question: Open Show Work