The 2016 income statement and comparative balance sheet of Grand Tree, Inc. follow (Click he icon to view he income statement Click the icon to view the comparative balance sheet. Additionally, Grand Tree purchased land o $20 400 by financing it 100% with long term notes payable during 2016. During the year, there were no sale disposed of for SO. The cost and accumulated depreciation of the disposed asset was $10,400. The plant acquisition was for cash. Requirements 1. Prepare the 2016 statement of cash flows, formatting operating activities by the indirect method 2. How will what you leaned in this problem help you evaluate an investment? land retirements of stock, and no t easury stock transactions. A plant asset was Statement of Cash Flows Year Ended December 31, 2016 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities: Net Cash Provided by (Used for) Operating Activities Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses $ 436,000 207,200 228,800 Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses $ 79,400 14,500 10,800 104,700 Operating Income Other Revenues and (Expenses) 124,100 Interest Revenue Interest Expense otal Other Revenues and (Expenses) 8,300 (21,400) Net Income Before Income Taxe Income Tax Expense Net Income (13,100) 111,000 19,100 $ 91,900 Grand Tree, Inc. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory $ 26,100 $15,900 25,300 91,100 26,600 79,800 Long-term Assets Plant Assets Accumulated Land 109,330 (22,730) 18,630) 14,000 $ 270,800 $ 237,000 126,630 Depreciation-Plant Assets 34,400 Total Assets Liabilities Current Liabilities Accounts Payable 35,700 $ 30,800 Current Liabilities Accounts Payable 35,700 30,800 Accrued Liabilities 28,000 30,300 Long-term Liabilities Notes Payable 76,000 102,000 Total Liabilities 139,700 163,100 Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 64,000 9,900 73,900 $ 270,800 $ 237,000 88,300 42,800 131,100