The 2016 comparative balance sheet and income statement of Allen Group, Inc. follow. (Click the icon to view the comparative balance sheet.) (Click the icon to view the income statement.) Allen disposed of a plant asset at book value during 2016. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $12,300. There were no sales of land, no retirement of common stock, and no treasury stock transactions. Assume plant asset and land acquisitions were for cash. Prepare the spreadsheet for the 2016 statement of cash flows. Format cash flows from operating activities by the indirect method. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty, do not select a label or enter a zero. Do not check your answer until both Panel A and Panel B have been completed.) thod Data table Allen Group, Inc. Income Statement Year Ended December 31, 2016 Data table Allen Group, Inc. Comparative Balance Sheet December 31, 2016 and 2015 Assets 2016 2015 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense $ 76,300 Depreciation Expense-Plant Assets 15,700 Other Operating Expenses 49,700 Land Total Operating Expenses 141,700 Total Assets Operating Income 90,200 Current Assets: Cash $ 437,000 205,100 Accounts Receivable Merchandise Inventory 231,900 Long-term Assets: Plant Assets $ 9,400 $ 15,700 42,400 43,600 96,800 93,300 120,760 110,860 Accumulated Depreciation-Plant Assets (20,360) (16,960) 40,200 15,000 $ 289,200 $ 261,500 Liabilities Other Revenues and (Expenses): Current Liabilities: Interest Revenue 11,800 Accounts Payable (24,700) Accrued Liabildes $ 24,800 $ 26,500 23,600 22,500 Interest Expense Total Other Revenues and (Expenses) (12,900) Long-term Liabilities: 50,000 62,000 Notes Payable Net Income Before Income Taxes 77,300 Total Liabilities 98,400 111,000 10,000 Income Tax Expense Net income Stockholders' Equity $ 60,400 Common Stock, no par 139,200 131,000 51,000 19,500 Retained Earnings 190,800 150,500 Total Stockholders' Equity Print Done 289,200 $ 261,500 Total Liabilities and Stockholders' Equity Print Done the 2016 comparative balance sheet and income statement of Allen Group, Inc. follow. (Click the icon to view the comparative balance sheet.) Click the icon to view the income statement.) llen disposed of a plant asset at book value during 2016. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was cquisitions were for cash. Prepare the spreadsheet for the 2016 statement of cash flows. Format cash flows from operating activities by the indirect method. Use the transaction references in Panel B when selecting the transaction references in Panel A. (If a box is not used in the spreadsheet, leave the box empty, do no Allen Group, Inc. Spreadsheet for Statement of Cash Flows Year Ended December 31, 2016 Balance Transaction Analysis Balance Panel A-Balance Sheet: 12/31/2015 DEBIT CREDIT 12/31/2016 Cash $ 15,700 $ 9,400 Accounts Receivable 43,600 42,400 Merchandise Inventory 93,300 96,800 Plant Assets 110,860 120,760 Accumulated Depreciation-Plant Assets Land Total Assets (16,960) 15,000 $ 261,500 $ 289,200 (20,360) 40,200 Accounts Payable Accrued Liabilities Notes Payable Total Liabilities Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: Adjustments to Reconcile Net Income 26,500 22,500 62,000 111,000 24,800 23,600 50,000 98,400 131,000 139,200 19,500 51,600 $ 261,500 $ 289,200 (a) Total Liabilities and Stockholders' Equity Panel B-Statement of Cash Flows: Cash Flows from Operating Activities: 261,500 289,20 Net Income (a) Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation Expense-Plant Assets (b) Decrease in Accounts Receivable (c) (d) (e) Increase in Merchandise Inventory Decrease in Accounts Payable Increase in Accrued Liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities: Cash Payment for Acquisition of Plant Assets Cash Payment for Acquisition of Land Net Cash Used for Investing Activities Cash Flows from Financing Activities: Cash Payment of Notes Payable Cash Receipt from Issuance of Common Stock Cash Payment of Dividends Net Cash Used for Financing Activities Net Decrease in Cash Non-cash Investing and Financing Activities: Disposal of Plant Asset at Book Value Total Non-cash Investing and Financing Activities Total (m) (g) (g) 3 (0) (h)