Problem 13-24 Blake Weaver, Carla Vista Enterprises' controller, is preparing the financial statements for 2016. He has completed the comparative balance sheets and income statement, which follow, and has gathered this additional information: On December 31, 2016, Carla Vista sold a piece of equipment with an original cost of $25,150 for $30,950 cash. The equipment had a book value of $13,410. On February 1, 2016, Carla Vista issued $95,980 of common stock to raise cash in anticipation of the purchase of a new building later in the year. On February 2, 2016, Carla Vista took out a ten-year $75,240 long-term loan to provide the remaining funds needed to purchase the building. On May 15, 2016, Carla Vista paid $142,810 for the new building. The company repaid $4,770 of the long-term debt before the end of the year. Carla Vista Enterprises Income Statement For the Year Ended December 31, 2016 Sales revenue $ 1,076,400 Gain on equipment sale 17,540 Total revenue 1,093,940 Cost of goods sold 706,300 Operating expenses Depreciation expense $ 30,750 Interest expense 7,740 Wages expenses 175,510 Other expenses 16,110 230,110 Income before taxes 157,530 Tax expense 63,900 Net income $ 93,630 Carla Vista Enterprises Comparative Balance Sheets As of December 31, 2016 2016 2015 Cash $ 128,400 $ 41,600 Accounts receivable, net 287,220 270,960 Inventory 127,000 95,460 Total current assets 542,620 408,020 Property, plant, & equipment 304,400 175,000 Accumulated depreciation 98,450 67,700 Net property, plant, & equipment 205,950 107,300 Total assets $ 748,570 $ 515,320 Accounts payable $ 151,180 $ 175,160 Taxes payable 17,630 20,480 Mortgage payable 70,470 Total liabilities 239,280 195,640 Common stock 348,080 252,100 Retained earnings 161,210 67,580 Total stockholders' equity 509,290 319,680 Total liabilities & stockholders' equity $ 748,570 $ 515,320 Using the indirect method, prepare Carla Vista Enterprises' statement of cash flows for 2016. (Show amounts that decrease cash flow with either a - sign, e.g. -15,000 or in parentheses, e.g. (15,000).) Carla Vista Enterprises Statement of Cash Flows For the Year Ended December 31, 2016 Net cash by activities Net cash by activities Net cash by activities Click if you would like to Show Work for this question: Open Show Work