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Palindrome Corp has prepared the following comparative balance sheet statements for 2015 and 2016: Cash Accounts Receivable Inventory Prepaid Expenses Plant Assets Accumulated Depreciation Patent 2016 569,000 427,000 272,000 55,000 2,830,000 (960,000) 103,000 3,296,000 2015 245,000 316,000 297,000 64,000 2,508,000 (852,000) 122,000 2,700,000 Accounts Payable Accrued Liabilities Loan Payable Preferred Stock Additional Paid-in Capital - Preferred Common Stock Retained Earnings 248,000 102,000 100,000 358,000 112,000 1,164,000 1,212,000 3,296,000 267,000 78,000 500,000 58,000 12,000 1,164,000 621,000 2,700,000 The Accumulated Depreciation account has been credited only for the depreciation expense for the period. The Retained Earnings account has been charged for dividends of $210,000 and credited for the net income for the year. The income statement for 2016 is as follows: Sales Revenue Cost of Sales Gross Profit Operating Expenses Net Income 2,451,000 934,000 1,517,000 716,000 801,000 a) From the information above, prepare a statement of cash flows (indirect method for Palindrome for year ended December 31, 2016. b) From the information above, prepare a schedule of cash flows provided by operating activities using the direct method