Smith Exercise Equipment, Inc. reported the following financial statements for 2016:

  Prepare the company's statement of cash flows long dash indirect method long dash for the year ended December 31, 2016 . Assume investments are purchased with cash.

Smith Exercise Equipment, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue $ 716,000 Cost of Goods Sold 344,000 Gross Profit 372,000 Operating Expenses: Depreciation Expense $ 55,000 Other Operating Expenses 185,000 Total Operating Expenses 240,000 Net Income 132,000 %24 %24