Financial statement data for Gibbons Electronics Company for 2016 follow GIBBONS ELECTRONICS COMPANY Comparative Statement of Financial Position Dec. 31, 2016 Dec. 31, 2015 Assets Cash Accounts receivable Inventory Prepaid insurance $287,000 335,000 313,000 44,000 979,000 652,000 $292,000 370,000 265,000 35,000 962,000 590,000 Total current assets Property, plant, and equipment Accumulated depreciation 165,000) (131,000) Net capital assets Total assets Liabilities and shareholders' equity 487,000 $1,466,000 459,000 $1,421,000 Accounts payable Wages payable Uneamed revenue Income taxes payable $58,000 21,000 51,000 54,000 184,000 $52,000 4,000 40,000 43,000 139,000 552,000 691,000 284,000 446,000 730,000 $1,421,000 Total current liabilities Bonds payable 481,00 Total liabilities Common shares Retained earnings 343,000 458,000 801,000 $1,466,000 Total shareholders' equity Total liabilities and shareholders' equity GIBBONS ELECTRONICS COMPANY Statement of Income For the year ended December 31, 2016 $3,856,000 10,000 3,866,000 Sales revenue Gain on sale of equipment Expenses Cost of goods sold Wages expense Depreciation expense Other operating expenses Interest expense Income taxes Total expenses $2,106,000 356,000 92,000 554,000 56,000 343,000 3,507,000 $359,000 Net income Additional information: 1. 2. Equipment that cost $96,000 and had a net carrying amount of $38,000 was sold for $48,000. Dividends were declared and paid during the year Prepare a statement of cash flows for Gibbons Electronic Company for the year ended December 31, 2016. Include supplementary information to disclose the amounts paid for interest and income taxes using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)