Long-Term Assets on the Statement of Cash Flows-Indirect Method The following account balances are taken from the records of Rowan Inc. for the past two years. Other information available for 2017 is as follows: a. Net income for the year was $228,000. b. Depreciation expense on plant and equipment was $59,000. c. Plant and equipment with an original cost of $150,000 were sold for $64,000. (You will need to determine the book value of the assets sold.) d. Amortization expense on patents was $8,000 e. Both new plant and equipment and patents were purchased for cash during the year. Required: payments, cash outflows, or decreases in cash Feedback 7 Check My Work the cash flow statement