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 $800,000 $530,000 Wages and Other Operating Expenses 172,000 Depreciation Expense Patent Amortization Expense Interest Expense Income Tax Expense 27,000 6,000 18,000 25,000 Gain on Exchange of Land for Patent (36,000) 742,000 Net Income Assets $58,000 HUBER COMPANY Balance Sheets Dec. 31, 2013 Dec. 31, 2012 Cash $34,000 $16,000 Accounts Receivable 64,000 49,000 Inventory 85,000 64,000 Land 117,000 160,000 Building and Equipment 441,000 361,000 Accumulated Depreciation (120,000) (100,000)