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Amigo Company Statement of Cash Flows For the Year Ended December 31, 2016 Increase (Decrease) in Cash Cash flows from operating activities Net income $400,000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable Increase in accounts payable Depreciation-buildings and equipment Gain on sale of equipment Amortization of patents $(128,000) 64,000 120,000 (48,000) 16,000 24,000 424,000 Net cash provided by operating activities Cash flows from investing activities Sale of equipment Purchase of land Purchase of buildings and equipment Net cash used by investing activities 96,000 (200,000) (384 000) (488,000) Cash flows from financing activities Payment of cash dividend Sale of common stock Net cash provided by financing activities Net increase in cash Cash, January 1, 2016 Cash, December 31, 2016 (120,000) 320,000 200,000 136,000 320,000 $456,000 Total assets on the balance sheet at December 31, 2016 are $2,216,000. Accumulated deprecia- tion on the equipment sold was $112,000. Find the nearest answer. 9. The balance in the Retained Earnings account at December 31, 2016 was a. $360,000 b. $880,000. c. $760,000. d. $1,000,000