The comparative balance sheet of Coulson, Inc. at December 31, 2016 and 2015, is as follows:

1		Dec. 31, 2016	Dec. 31, 2015
2	Assets
3	Cash	$300,600.00	$337,800.00
4	Accounts receivable (net)	704,400.00	609,600.00
5	Inventories	918,600.00	865,800.00
6	Prepaid expenses	18,600.00	26,400.00
7	Land	990,000.00	1,386,000.00
8	Buildings	1,980,000.00	990,000.00
9	Accumulated depreciation-buildings	(397,200.00)	(366,000.00)
10	Equipment	660,600.00	529,800.00
11	Accumulated depreciation-equipment	(133,200.00)	(162,000.00)
12	Total assets	$5,042,400.00	$4,217,400.00
13	Liabilities and Stockholders Equity
14	Accounts payable (merchandise creditors)	$594,000.00	$631,200.00
15	Income taxes payable	26,400.00	21,600.00
16	Bonds payable	330,000.00	0.00
17	Common stock, $20 par	320,000.00	180,000.00
18	Paid-in capital: Excess of issue price over parcommon stock	950,000.00	810,000.00
19	Retained earnings	2,822,000.00	2,574,600.00
20	Total liabilities and stockholders equity	$5,042,400.00	$4,217,400.00

The noncurrent asset, noncurrent liability, and stockholders equity accounts for 2016 are as follows:

ACCOUNT Land

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance			1,386,000
Apr.	20	Realized $456,000 cash from sale		396,000	990,000

ACCOUNT Buildings

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance			990,000
Apr.	20	Acquired for cash	990,000		1,980,000

ACCOUNT Accumulated DepreciationBuildings

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				366,000
Dec.	31	Depreciation for year		31,200		397,200

ACCOUNT Equipment

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance			529,800
	26	Discarded, no salvage		66,000	463,800
Aug.	11	Purchased for cash	196,800		660,600

ACCOUNT Accumulated DepreciationEquipment

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				162,000
	26	Equipment discarded	66,000			96,000
Dec.	31	Depreciation for year		37,200		133,200

ACCOUNT Bonds Payable

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
May	1	Issued 20-year bonds		330,000		330,000

ACCOUNT Common Stock, $20 par

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				180,000
Dec.	7	Issued 7,000 shares of common stock for $40 per share		140,000		320,000

ACCOUNT Paid-In Capital in Excess of ParCommon Stock

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				810,000
Dec.	7	Issued 7,000 shares of common stock for $40 per share		140,000		950,000

ACCOUNT Retained Earnings

					ACCOUNT NO.
					Balance
Date		Item	Debit	Credit	Debit	Credit
2016
Jan.	1	Balance				2,574,600
Dec.	31	Net income		326,600		2,901,200
	31	Cash dividends	79,200			2,822,000

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.