P16-34A Preparing the statement of cash flows-indirect method with non-cash transactions The 2015 income statement and comparative balance sheet of Rolling Hills, Inc follow: ROLLING HILLS, INC. Income Statement Year Ended December 31, 2015 436,000 202,200 233,800 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 78,400 14,400 10,200 Salaries Expense Depreciation Expense -Plant Assets Other Operating Expenses Total Operating Expenses 103,000 130,800 Operating Income Other Revenues and (Expenses) Interest Revenue 8,000 Interest Expense (21,900) otal Other Revenues and (Expenses) (13,900) 116,900 19,100 S 97,800 Net Income Before Income Taxes income Tax Expense Net Income