Trade receivables (net) Inventories Prepaid expenses Chapter 16 257 PROBLEM 16-1 The comparative balance sheet of Stellar Inc. at December 31, 2015, appears below Stellar Inc Comparative Balance Sheet December 31, 2015 and 2014 Increase 2015 2014 Decrease Assets Cash $ 84,000 $ 66,000 $ 18,000 156.000 144,000 12,000 300,000 306.000 6,000" 12.000 Land 14.400 2.400 80,000 96.000 16.000 Building 360.000 360,000 0 Accumulated depreciation-building (120,000) (91,200) (28,800) Equipment 180.000 102,000 78,000 Accumulated depreciation--equipment 72.000) (70,800) 1.200) Total assets $.980.000 $926.400 $ 53,600 Liabilities Accounts payable $ 216,000 $208,800 $ 7,200 Dividends payable 24,000 21,600 2,400 Bonds payable 240.000 300.000 60.000 Total liabilities $ 480.000 $530,400 $ 50.400 Stockholders' Equity Common stock $ 140,000 $120,000 $ 20,000 Retained earnings 360,000 276.000 84.000 Total stockholders' equity $ 500.000 $396,000 $104.000 Total liabilities and stockholders' equity $ 980.000 $926,400 $ 53,600 The following additional data were taken from the records of Stellar Inc.: a. Equipment costing $96,000 was purchased, and fully depreciated equipment costing $18,000 was discarded. b. Net income, including gain on sale of land, was $114,000. Depreciation expense on equipment was $19,200; on building, $28,800. C. Bonds payable of $60,000 were retired at face value. d. A cash dividend of $30,000 was declared. e. Land costing $36,000 was sold for $54,000, resulting in an $18,000 gain on the sale. f. Land was acquired by issuing common stock, $20,000. Instructions: Complete the following statement of cash flows using the indirect method of reporting cash flows from operating activities