Arctic Company's income statement and comparative balance sheets as of December 31 of 2016 and 2015 follow:

ARCTIC COMPANY Income Statement Fer the Year Ended December 31, 2016 Sales Revenue $?40,000 Cost of Goods Sold 5534, 000 1Wages Expense 190,000 Advertising Expense 31,000 Depreciation Expense 24,000 Interest Expense 18,000 Gain en Sale of Land [25,000] ?72,000 Net Less $82,000} \fBonds Payable 210,000 - Common Stock 245,000 245 000 Total Liabilities and Stockholders' Equity $510,000 $370,000 During 2016, Arctic sold land for $70,000 cash that had originally cost $45,000. Arctic also purchased equipment for cash, acquired treasury stock for cash, and issued bonds payable for cash. Accounts payable relate to merchandise purchases. Requrired a. Calculate the change in cash that occurred during 2016. b. Use a negative sign with cash outow answers. Cash Flow from Operating Activities M' Net Loss Add (deduct) items to convert net income to cash basis Depreciation Gain on Sale of Land Accounts Receivable Inventory Prepaid Advertising Accounts Payable HUM EEEEEEE E Interest Payable Accounts Payable Interest Payable Cash Flow Provided by Operating Activities Cash Flow from Investing Activities Sale of Land Purchase of Plant Assets Cash Used by Investing Activities Cash Flow from Financing Activities Issuance of Bonds Payable Purchase of Treasury Stock {D 0 lbbudllLi: UI DUI IUD r'dydUlL': Purchase of Treasury Stock Cash Provided by Financing Activities Net 3 in Cash Cash at Beginning of Year Cash at End of Year