Statement of Cash Flows (Indirect Method) The Huber Company's income statement and com- parative balance sheets as of December 31 of 2016 and 2015 follow: P12-3B. HUBER COMPANY Income Statement For the Year Ended December 31, 2016 Sales revenue... Cost of goods sold... Wages and other operating expenses Depreciation expense... $810,000 $530,000 172,000 29,000 Patent amortization expense 6,000 Interest expense. .. Income tax expense.. Gain on exchange of land for patent 18,000 25,000 743,000 (37,000) $ 67,000 Net income. HUBER COMPANY Balance Sheets Dec. 31, Dec. 31, 2016 2015 Assets Cash.... Accounts receivable . Inventory... $ 49,000 64,000 85,000 117,000 $16,000 49,000 64,000 Land.. 160,000 361,000 Building and equipment. . Accumulated depreciation Patent.... 441,000 (122,000) (100,000) 74,000 Total assets $708,000 $550,000 Liabilities and Stockholders' Equity Accounts payable. ... Interest payable Income tax payable Bonds payable. Common stock. Retained earnings $ 36,000 $ 26,000 13,000 7,000 180,000 350,000 122,000 5,000 12,000 75,000 350,000 82,000 $708,000 $550,000 Total liabilities and stockholders' equity During 2016, $27,000 of cash dividends were declared and paid. A patent valued at $80,000 was obtained in exchange for land. Equipment that originally cost $20,000 and had $7,000 accumulated depreciation was sold for $13,000 cash. Bonds payable were sold for cash and cash was used to pay for structural improvements to the building. Required Compute the change in cash that occurred during 2016. b. Prepare a statement of cash flows using the indirect method. a