The Wolff Companys income statement and comparative balance sheets at December 31 of 2016 and 2015 are shown below:

Statement of Cash Flows (Indirect Method) The Wolff Company's income statement and comparative balance sheets at December 31 of 2016 and 2015 are shown below: WOLFF COMPANY Income Statement For the Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold$430,000 Wages Expense Insurance Expense 12,000 Depreciation Expense13,000 Interest Expense $645,000 86,000 12,000 Income Tax Expense 29,000 582,000 $63,000 Net Income WOLFF COMPANY Balance Sheets Dec. 31, 2016 Dec. 31, 2015