The 2015 comparative balance sheet and income statement of Appleton Group, Inc. follow. Appleton disposed of a plant asset at book value during 2015.

APPLETON GROUP, INC.
Comparative Balance Sheet
December 31, 2015 and 2014

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Prepare the spreadsheet for the 2015 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed for $ 0. The cost and accumulated depreciation of the disposed asset was $ 14,120. There were no sales of land, no retirement of common stock, and no treasury stocktransactions.

APPLETON GROUP INC. Income Statement Year Ended December 31, 2015 Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses: 439,000 205,500 233,500 Salaries Expense 76,500 15,500 49,500 Other Operating Expenses Total Operating Expenses 141,500 Operating Income 92,000 Other Revenues and (Expenses): Interest Revenue Interest Expense Total Other Revenues and (Expenses 11,800 24,300) Net Income Before Income Taxes Income Tax Expense Net Income (12,500) 79,500 16,300 S 63,200 2015 2014 Assets Current Assets: 5 9,300 15,300 43,200 93,700 Accounts Receivable 42,000 Merchandise Inventory 97,100 Long-term Assets: 113,160 (18,860) 16,000 S 262,500 Plant Assets 121,440 (20,240) 41,100 $ 290,700 Accumulated Depreciation Flant Assets Total Assets Liabilities Current Liabilities Accounts Payable Accrued Liabilities 25,600 24,000 26,600 22,800 Long-term Liabilities: 46,000 95,600 Notes Payable 62,000 111,400 Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders Equity 140,300 54,800 195,100 $ 290,700 131,400 19,700 151,100 $ 262,500