Prepare the cash f'ow statement for 2016 with indirect method.

Here are the financial statements of Biopel Corporation on December 31, 2016 Blorel Corporation Balance Sheet as at December 31, 2016 2016 2015 ASSETS Cash AR Inventory Prepaid expenses 45,000 32,500 72,700 4,100 154,300 15,000 43,700 68,400 2,600 129,700 Land Building Accum Depreciation (build) Patent Total Assets 125,000 233.200 (94,400) 11,000 429,100 135,000 145,200 (67,200) 12,500 355,200 LIABILITIES A/P Income tax payable 101,200 32,000 133,200 130,500 24,200 154,700 Mortgage 78,400 162,100 0 154,700 SHAREHOLDERS' EQUITY Share capital Retained earnings 170,000 47,500 217,500 170,000 30,500 200, 500 Total liabilities and equity 429,100 355,200 Additional information related to business activities during 2016: Bir el sold a part of its land and a building for $50,000 in total. The land and the building were paid respectively $10,000 and $12,000 many years ago. Biopel declared and paid a dividend on December 15. Biopel built a new building during the year. All expenses were paid cash. The construction was financed at 80% by a new mortgage and the rest with the liquidity of the company. Biopel Corporation Statement of Earnings for the year ended December 31, 2016 Sales revenues COGS 2016 620,000 366,000 254,000 Operating Expenses Salaries Expense Interest Expense Depreciation Expense - Building Impairment loss on Patent 83,300 62,000 14,500 35,200 1,500 196,500 57,500 Operating Profit Gain on Disposal 36,000 Income Tax Expense Net Profit 16,500 77,000 Instructions: Prepare the cash flow statement for 2016 with indirect method