$ 456,000 2,760,000 1.440,000 $4,656.000 $1,200,000 Financial statements for Kiner Company are given below: Kiner Company Balance Sheet January 1, 2018 Assets Equities Cash $ 960,000 Accounts payable Accounts receivable 864,000 Buildings and equipment 3,600,000 Accumulated depreciation- buildings and equipment (1,200,000) Common stock Patents 432.000 Retained earnings $4,656,000 Kiner Company Statement of Cash Flows For the Year Ended December 31, 2018 Increase (Decrease) in Cash Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(384,000) Increase in accounts payable 192,000 Depreciation-buildings and equipment 360,000 Gain on sale of equipment (144,000) Amortization of patents 48.000 Net cash provided by operating activities Cash flows from investing activities Sale of equipment 288,000 Purchase of land (600,000) Purchase of buildings and equipment (1.152.000) Net cash used by investing activities Cash flows from financing activities Payment of cash dividend (360,000) Sale of common stock 960.000 Net cash provided by financing activities Net increase in cash Cash, January 1, 2018 72.000 1,272,000 (1,464,000) 600.000 408,000 960.000 Cash, January 1, 2018 960,000 Cash, December 31, 2018 $1.368.000 Total assets on the balance sheet at December 31, 2018 are $6,648,000. Accumulated deprecia-tion on the equipment sold was $336,000. Reference Red 233 The book value of the buildings and equipment at December 31, 2018 was A $3,528.000 B. 54,272,000 C. 83,120,000 D. $3,048,000