The 2016 income statement and comparative balance sheet of Cobbs Hill, Inc. follow: Click the icon to view the income statement.) Click the icon to view the comparative balance sheet.) Additionally. Cobbs Hill purchased land of S24,500 by financing il 100% with long-term noles payable during 2016. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for S0. The cost and accumulated depreciation of the disposed asset was $12,630. 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 tirre, beginning with the cash flows from operating activities. Cobbs Hill, Inc. Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Receipts: Total Cash Receipts Payments Demodocs example Etext pages Calculator Clear all Check answer E : = Homework: HW 10 Question 3, P16A-37A (s... 3( HW Score: 18%, 18 of 100 points Stan Save - X The 201 Data table Data table ansactions. A plant asset was Additio dispos Requir 1. P: 2. H Cobbs Hill, Inc. Income Statement Year Ended December 31, 2016 2015 Sales Revenue $ 442,000 206.200 Requir zero) not select a label or enter a 235,800 15,900 25,100 Compli $ 92,000 89.400 14 900 10,300 Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Depreciation Expense Plant Assets Other Operating Expenses Total Operating Expenses Operating Income Other Revenues and (Expenses); Interest Revenue Interest Expense Total Other Revenues and (Expenses) Net Income Before Income Taxes Cobbs Hill, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 Assets Current Assets: Cash S 26,700 S Accounts Receivable 26,500 Merchandise Inventory 79,000 Long-term Assets Plant Assels 121,410 Accurrulated DepreciationPlant Assets (18,510) Land 34,500 S Total Assets 269,600 $ Liabilities Current Liabilities: Accounts Payable S 35,500 S Accrued Liabilities 28,700 Long-term Liabilities: Notes Payable 79,000 94,600 Cash 107,940 (16,240) 10,000 234,700 Rel 141,200 9,000 (21.700) (12,700) 30,300 Pa 31,000 128,500 19,400 Income Tax Expense $ 109.100 105,000 Net Income Print Done Print Done Demodocs example Etext pages Calculator Clear all Check answer Cash $ 26,700 $ 15,900 Accounts Receivable 26,500 25,100 Merchandise Inventory 79,000 92,000 Long-term Assets: Plant Assets 121,410 107,940 Accumulated DepreciationPlant Assets (18,510) 34,500 (16,240) 10,000 Land $ Total Assets 269,600 $ 234,700 Liabilities Current Liabilities: Accounts Payable $ 35,500 $ 30,300 Accrued Liabilities 28,700 31,000 Long-term Liabilities: Notes Payable 79,000 105,000 Total Liabilities 143,200 166,300 Stockholders' Equity Common Stock, no par 89,000 37,400 64,500 3,900 Retained Earnings Total Stockholders' Equity 126,400 68,400 $ Total Liabilities and Stockholders' Equity 269,600 $ 234,700 Print Done