1) The income statement and comparative balance sheets for Sterling Company are presented below. Sterling Company Income Statement For the Year Ended December 31, 2015 $546,000 Sales Cost of goods sold Depreciation expense Amortization expense Wage expense Rent spense Loss on sale of fixed assets Interest expense Income tax expense Total expenses Net income 311,000 14,000 3,000 88,000 24.000 2,600 4,900 56.000 503,500 $92.500 Cash Accounts receivable Inventory Prepaid rent Land Fixed assets Accumulated depreciation Patent Total assets Accounts payable Wages payable Interest payable Taxes payable Bonds payable, due 2020 Common stock Retained earnings Total liabilities and Stockholders equity December 31, 2014 $16,300 27,900 53,900 1,800 22.000 118,000 (39,000) 11.000 $211.900 21,100 5,700 400 7,900 36.000 32.000 December 31, 2015 $19,900 36,300 48,200 2.000 32,000 130,000 (46,000) 12.000 $234.400 27.700 6,200 1.600 6.800 44.000 35,000 113 100 103 500 $ 7232400 Required: Prepare a statement of cash flows using the indirect method for the year ended December 31, 2015. No land was sold in 2015. Land was purchased using bonds payable fo: 55,000 and cash for $2.000. A fixed asset was sold in 2015 for $4,100. Purchases of fixed assets and patents were for cash