The 2016 income statement and comparative balance sheet of All Wired, Inc. follow Click the icon to view the income statement. Click he icon to view he comparative balance sheet. dd tionally, All Wired purchased land o $22,500 by financing it 100% with long-term notes payable during 2016. During the year, there were no sales o land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $11,340. The plant acquisition was for cash. Requirements 1. Prepare the 2016 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate an investment? Requirement 1. Prepare the 2016 Statement of Cash Flows by the direct method. (Use parentheses or a minus sign for numbers to be subtracted. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. All Wired, Inc Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments: hoose from any list or enter any number in the input fields and then click Check Answer. Total Cash Receipts Payments: Total Cash Payments Net Cash Provided by (Used for) Operating Activities Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 439,000 208,200 230,800 Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses $ 78,400 14,400 10,100 102,900 Operating Income Other Revenues and (Expenses) 127,900 Interest Revenue Interest Expense otal Other Revenues and (Expenses) 8,000 (21,900) Net Income Before Income Taxe Income Tax Expense Net Income (13,900) 114,000 19,800 94,200 December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory $ 26,600 $ 15,700 25,500 91,100 26,900 79,100 Long-term Assets Plant Assets Accumulated Depreciation Land 107,520 (19,880) 16,820) 13,000 $ 270,000 $ 236,000 121,780 -Plant Assets 35,500 Total Assets Liabilities Current Liabilities Accounts Payable $ 35,600 $ 30,000 Accrued Liabilities 28,500 30,600 Long-term Liabilities Current Liabilities Accounts Payable $ 35,600 $ 30,000 Accrued Liabilities 28,500 30,600 Long-term Liabilities 78,000 101,000 Notes Payable Total Liabilities 142,100 161,600 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 65,000 9,400 74,400 $ 270,000 $ 236,000 89,000 38,900 127,900