Question #7 Statement of Cash Flows-Indirect Method compilation (16 points) You have been asked to prepare the Statement of Cash Flows for Justin Corporation using indarest meshod for the year ended Deccmber 31,2016. Balance Sheet and I information is provided below for 2016 and 2015 Income Statement BALANCE SHEET 123L15 S 96,000 208.000 130,000 110,000 Cash Accounts reecivable Merchandise inveatory Land Baildings and equipmert Less accuraulated 5140,000 180,000 194,000 5380.000 1192.000) 188,000 52.000 228,000 S 48,000 196,000 300,000 108,000 Accounts payable Accrued expenses payable Bonds payable Common stock (no par) Rctained earnings S 90,000 176,000 180,000 108,000 INCOME STATEMENT 123116 $5.200,000 4.352000 356.000 40,000 24,000 Sales Cost of sales Selling expenses and administrative expenses Loss on sale of land Other expenses Net income Additional Information: (A) Land with an original cost of $90,000 was sold for $66,000 during 2016 (B) S120,000 of honds payable reached maturity and were retired (paid off) during 2016 (C) Dividends declared and paid for the year were $76,000. Reguired: On the answer shect on the follow ing page, prepare the Statement of Cash Flows in 2016 for Justin Corporation using the indirect methed for operating activities. Yon may not