The 2018 comparative balance sheet and income statement of Appleton Group, Inc. follow. Appleton disposed of a plant asset at book value during 2018.

Prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $11,600. There were no sales of land, no retirement of common stock, and no treasury stock transactions.
Assume plant asset and land acquisitions were for cash.

APPLETON GROUP, INC. Income Statement Year Ended December 31, 2018 $ 443,000 Net Sales Revenue Cost of Goods Sold 205,800 Gross Profit 237,200 Operating Expenses: $ 76,800 Salaries Expense Depreciation Expense-Plant Assets 15,400 Other Operating Expenses 49,300 Total Operating Expenses 141,500 95,700 Operating Income Other Income and (Expenses): Interest Revenue 11,600 (24,400) Interest Expense Total Other Income and (Expenses) (12,800) Net Income Before Income Taxes 82,900 Income Tax Expense 16,200 $ 66,700 Net Income APPLETON GROUP, INC. Comparative Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current Assets: $ 14,700 $ 15,900 Cash Accounts Receivable 42,200 43,900 Merchandise Inventory 97,600 93,900 Long-term Assets: Land 42,200 17,000 Plant Assets 121,950 110,750 Accumulated Depreciation-Plant Assets (20,250) (16,450) Total Assets $ 298,400 $ 265,000 Liabilities Current Liabilities: Accounts Payable $ 25,900 $ 26,900 Accrued Liabilities 24,500 22,700 Long-term Liabilities: Notes Payable 51,000 65,000 Total Liabilities 101,400 114,600 Stockholders' Equity Common Stock, no par 138,900 130,700 Retained Earnings 58,100 19,700 Total Stockholders' Equity 197,000 150,400 Total Liabilities and Stockholders' Equity $ 298,400 $ 265,000