The comparative balance sheet of Whitman Co. at December 31, 2016 and 2015, is as follows:

The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2016 are as follows:

Instructions

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities?

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Dec. 31, 2016 Dec. 31, 2015 Assets 918,000 964,800 761,940 1,268,460 ,162,980 35,100 479,700 900,900 408,600)(382,320) 54,680 (158,760) $4,785,480 4,219,020 828,900 Land. Buildings 29,340 315,900 1,462,500 512,280 (141,300) Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) 922,500 958,320 270,000 317,000 758,000 117,000 Paid-in capital: Excess of issue price over par-common stock..... 558,000 517980 2,585,700 $4,785480 $4,219020 2 ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debi Credit 2016 Jan. Apr 20 Realized $151,200 cash Bnce 479,700 from sale 163,800 315,900 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2016 1 Balance 900,900 1,462,500 Jan. Apr. 20 Acquired for cash 561,600 ACCOUNT Accumulated Depreclation-Buildings ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2016 1Balance 382,320 408,600 Dec. 31 Depreciation for year 26,280 ACCOUNT Equipment ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2016 1Balance 26 Discarded, no salvage Purchased for cash 454,680 46,800 407,880 512,280 Aug. 104,400 ACCOUNT Accumulated Depreciation-Equipment ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2016 1 Balance 26 Equipment discarded Dec. 31 Depreciation for year 158,760 111,960 41,300 46,800 29,340 ACCOUNT Bonds Payable ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2016 May Issued 20-year bonds 270,000 270,000 ACCOUNT Common Stock, S25 par ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2016 Jan. Dec. 1 Balance 117,000 7 Issued 8,000 shares of common stock for $50 per share 200,000 317,000 ACCOUNT Paid-In Capital in Excess of Par-Common Stock ACCOUNT NO Balance Date Item Debit Credit Debit Credit 2016 Jan. Dec. 1 7 Balance Issued 8,000 shares of common 558,000 stock for $50 per share 200,000 758,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item DebitCredit Debit Credit 2016 Jan. Dec. 31 Net loss Balance 35,320 32,400 2,585,700 2,550,380 2,517,980 31 Cash dividends