The condensed income statement and comparative balance sheet of Jackson Corporation as of December 31, 2016 and 2015, are provided below. Other financial data is also given.

Revenues 685,500 Costs and Expenses Cost of Goods Sold 430,000 Salaries Expense 126,000 Depreciation Expense 16,000 Advertising Expense 15,900 Utilities Expense 19,000 Total Costs and Expenses 606,900 Net Income Before Income Taxes 78,600 Income Taxes Expense 19,650

Net Income After Income Taxes 58,950

Assets	2016		2015
Cash	92,250		82,000
Accounts Receivable (Net)	57,150		53,000
Merchandise Inventory	50,000		55,500
Prepaid Advertising	9,000		11,500
Property, Plant, and Equipment	135,000		110,000
Less: Accumulated Depreciation	(27,000	)	(11,000	)
Total Assets	316,400		301,000
Liabilities and Stockholders Equity
Liabilities
Accounts Payable	51,450		80,500
Salaries Payable	5,500		4,000
Unearned Revenues	4,500		6,000
Income Taxes Payable	7,500		6,000
Note Payable2018	0		40,000
Total Liabilities	68,950		136,500
Stockholders Equity
Common Stock ($2 par)	95,000		60,000
Retained Earnings	152,450		104,500
Total Stockholders Equity	247,450		164,500
Total Liabilities and Stockholders Equity	316,400		301,000
Additional information for the year that is pertinent to its preparation follows. a. No items of property, plant, and equipment were disposed of during the year. b. Paid cash for the additions to property, plant, and equipment during the year. c. Paid $11,000 dividends on the common stock in cash during the year. d. Issued common stock at par value for cash. e. Paid cash to retire the long-term note payable. Prepare a statement of cash flows for Jackson Corporation for 2016. (Amounts to be deducted should be indicated with a minus sign.)