Statement of Cash Flows (Direct Method) The Huber Company's income statement and comparative balance sheets as of December 31 of 2013 and 2012 follow: HUBER COMPANY Income Statement For the Year Ended December 31, 2013 Sales Revenue Cost of Goods Sold $689,000 Wages and Other Operating Expenses 223,600 $1,040,000 Depreciation Expense 35,100 Patent Amortization Expense 7,800 Interest Expense 23,400 Income Tax Expense 32,500 Gain on Exchange of Land for Patent (46,800) 964,600 Net Income $75,400