OBJ.2 The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 a 2015, is as follows: Statement of cash flows-indirect method PR 16-2A nd from es Dec. 31, 2016 Dec. 31, 2015 Assets s 146,600 224,600 321,600 13,400 655,000 179,800 242,000 299,200 9,600 537,000 Cash.... Accounts receivable (net) ..._._. . . . Merchandise inventory Prepaid expenses Equipment.. Accumulated depreciation-equipment .._.. .. .. (170,800)(132.200 Total assets $1,190,400 $ 1,135,400 Liabilities and Stockholders' Equity 250,200 237600 336,000 24,000 320,000 217,800 $1.190,400 $1,135,400 Common stock, $10 par.... 74,000 470,000 396,200 Total liabilities and stockholders' equity.. 781 Statement of Cash Flows Chapter 16 Additional data obtained from the income statement and from an examination of the accounts in the ledger for 2016 are as follows: a. Net income, $332,000 b. Depreciation reported on the income statement, $83,400 c. Equipment was purchased at a cost of $162,800 and fully depreciated equipment cost- ing $44,800 was discarded, with no salvage realized. d. The mortgage note payable was not due until 2018 but the terms permitted earlier payment without penalty e. 10,000 shares of common stock were issued at $20 for cash. f. Cash dividends declared and paid, $153,600 Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities