Problem 13-24 Blake Weaver, Oriole 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, Oriole sold a piece of equipment with an original cost of $25,280 for $30,260 cash. The equipment had a book value of $13,720. On February 1, 2016, Oriole issued $99,630 of common stock to raise cash in anticipation of the purchase of a new building later in the year. On February 2, 2016, Oriole took out a ten-year $76,370 long-term loan to provide the remaining funds needed to purchase the building. On May 15, 2016, Oriole paid $146,020 for the new building. The company repaid $4,600 of the long-term debt before the end of the year. Oriole Enterprises Income Statement For the Year Ended December 31, 2016 Sales revenue $ 1,073,600 Gain on equipment sale 16,540 Total revenue 1,090,140 Cost of goods sold 703,700 Operating expenses Depreciation expense $ 30,410 Interest expense 7,940 Wages expenses 175,900 Other expenses 16,150 230,400 Income before taxes 156,040 Tax expense 63,470 Net income $ 92,570 Oriole Enterprises Comparative Balance Sheets As of December 31, 2016 2016 2015 Cash Accounts receivable, net Inventory Total current assets Property, plant, & equipment Accumulated depreciation Net property, plant, & equipment Total assets Accounts payable Taxes payable Mortgage payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities & stockholders' equity $ 129,600 $ 44,700 288,140 270,930 126,400 95,240 544,140 410,870 298,700 166,400 90,710 60,300 207,990 106,100 $ 752,130 $ 516,970 $ 150,020 $ 175,950 17,780 20,660 71,770 239,570 196,610 352,030 252,400 160,530 67,960 512,560 320,360 $ 752,130 $ 516,970 Using the indirect method, prepare Oriole 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).) Oriole Enterprises Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from operating activities Net income / (loss) 92,570 Adjustments to net income Depreciation $ 30,410 Gain on sale of equipment -16,540 Increase in accounts receivable Increase in inventories Decrease in accounts payable Decrease in income taxes payable able Net cash provided by operating activities Cash flows from investing activities Purchase of building Sale of equipment Net cash provided by operating activities Cash flows from financing activities Proceeds from long-term debt Repayment of long-term debt Cash flows from financing activities Proceeds from long-term debt Repayment of long-term debt Purchase of building Net cash provided by financing activities Change in cash Cash, beginning balance Cash, ending balance Click if you would like to Show Work for this question: Open Show Work