Use the Stenback Exercise Equipment data in Exercise E14-23. Prepare the company€™s statement of cash flows indirect method for the year ended December 31, 2016. Assume investments are purchased with cash.

STENBACK EXERCISE EQUIPMENT, INC. Income Statement Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Protit Operating Expenses 5 711,000 343,000 368,000 Depreciation Expense Other Operating Expenses Total Operating Expenses S 51,000 215,000 266,000 Net Income S 102,000 STENBACK EXERCISE EQUIPMENT, INC. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory 21,000 15,000 56,000 84,000 50,000 88,000 Long-term Assets: Plants Assets 268,700 217.200 (41,700) (34,200) 75,000 $481,000 $411,000 Investments 93,000 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries Payable 75,000 2,000 74,000 4,000 Long-term Liabilities: Notes Payable 59,000 65,000 Total Liabilities 36,000 143,000 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity. Total Liabilities and Stockholders' Equity 233,000 268,000 $481,000 411,000 42,000 303,000 345,000