The information below was taken from the records of the Piper Company for the year ended December 31, 2016:

Acquisition of building	$250,000
Amortization of premium on bonds payable	2,000
Decrease in deferred income tax liability	8,000
Decrease in inventories	6,000
Decrease in salaries payable	2,000
Depreciation expense	24,000
Dividends paid	11,000
Loss on sale of land	18,000
Increase in accounts payable	14,000
Increase in accounts receivable	5,000
Issuance of long-term bonds payable	150,000
Net income	240,000
Patent amortization expense	4,000
Preferred stock issued to convert bonds	50,000
Retirement of bonds	100,000
Proceeds from sale of land	80,000
Ending cash balance	400,000

Required: Prepare Piper's statement of cash flows for 2016, using the indirect method.