Problem 13-27 (Part Level Submission) Blake Weaver, Cook 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, Cook sold a piece of equipment with an original cost of $25,000 for $30,000 cash. The equipment had a book value of $13,000. On February 1, 2016, Cook issued $100,000 of common stock to raise cash in anticipation of the purchase of a new building later in the year. On February 2, 2016, Cook took out a ten-year $75,000 long-term loan to provide the remaining funds needed to purchase the building. On May 15, 2016, Cook paid $150,000 for the new building. The company repaid $4,600 of the long-term debt before the end of the year. Cook Enterprises Income Statement For the Year Ended December 31, 2016 Sales revenue $1,070,000 Gain on equipment sale 17,000 Total revenue 1,087,000 Cost of goods sold 700,000 Operating expenses Depreciation expense $30,000 Interest expense 7,400 Wages expenses 175,000 Other expenses 16,000 228,400 Income before taxes 158,600 Tax expense 63,400 Net income $95,200 Cook Enterprises Comparative Balance Sheets "As of December 31 2016 2016 Cash $124,200 Accounts receivable, net 287,200 Inventory 125,000 Total current assets 536,400 Property, plant, & equipment 297,000 Accumulated depreciation 90,000 Net property, plant, & equipment 207,000 Total assets $743,400 Accounts payable $103,000 Wages payable 27,000 Accrued liabilities 20,000 Taxes payable 17,600 Mortgage payable 70,400 Total liabilities 238,000 Common stock 350,000 Retained earnings 155,400 Total stockholders' equity 505,400 Total liabilities & stockholders' equ $743,400 2015 $40,400 269,800 95,000 405,200 160,000 60,000 100,000 $505,200 $120,000 30,000 25,000 20,000 195,000 250,000 60,200 310,200 $505,200 (a1) Using the direct method, prepare Look enterprise suolell that decrease cash flow with either & -sign, e.g. -15,000 or in parentheses, Cook Enterprises Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from operating activities T Collections from customers 1052600 Payments to suppliers EY. T Payments for other expenses T Payments for income taxes T Payments to employees Net cash activities Net cash Net casi NEN ISSN CALCULATOR PRINTER VERSTONDACK Payments to employees Net cash . activities L 1 TL I MILAN cash 11 IT X 2 Net cash activities 11 111 1 Click if you would like to Show Work for this question: Open Show Work