BG Wholesalers is developing its annual financial statements at December 31, 2016. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized: 2016 2015 Balance sheet at December 31 Cash $ 39,400 $ 31,600 Accounts receivable 36,300 31,600 Merchandise inventory 45,000 40,500 Property and equipment 125,600 102,700 Less: Accumulated depreciation (34,000) (27,100) $ 212,300 $ 179,300 Accounts payable $ 40,300 $ 31,600 Accrued wage expense 3,500 4,000 Note payable, long-term 47,500 52,900 Contributed capital 94,400 74,700 Retained earnings 26,600 16,100 $ 212,300 $ 179,300 Income statement for 2016 Sales $ 137,000 Cost of goods sold 87,000 Other expenses 39,500 Net income $ 10,500 Additional Data: a. Bought equipment for cash, $22,900. b. Paid $5,400 on the long-term note payable. c. Issued new shares of stock for $19,700 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $6,900; wages, $20,500; taxes, $6,200; other, $7,200. f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31, 2016, using the indirect method. (List cash outflows as negative amounts.)