value: 12.00 points BG Wholesalers is developing its annual financial statements at December 31, 2016. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized 2015 2016 Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less: Accumulated depreciation $ 37,700 30,200 29,300 38,700 101,100 (25,600) 33,300 43,000 122,600 (31,600) $205,000 $173,700 $ 37,500 $28,800 2,300 51,000 73,400 18,200 Accounts payable Accrued wage expense Note payable, long-term Contributed capital Retained earnings 2,100 45,200 90,400 29,800 $205,000 $173,700 Income statement for 2016 $126,000 76,000 38,400 Sales Cost of goods sold Other expenses $ 11,600 Net income Additional Data a. Bought equipment for cash, $21,500 b. Paid $5,800 on the long-term note payable C. Issued new shares of stock for $17,000 cash d. No dividends were declared or paid e. Other expenses included depreciation, $6,000; wages, $20,600; taxes, $6,200; other, $5,800 f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash Required: 1. Prepare the statement of cash flows for the year ended December 31, 2016, using the indirect method (List cash outflows as negative amounts.) Required 1. Prepare the statement of cash flows for the year ended December 31, 2016, using the indirect method. (List cash outflows as negative amounts.) BG WHOLESALERS Statement of Cash Flows For the Year Ended December 31, 2016 Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities 0 0 Cash flows from investing activities: 0 Cash flows from financing activities: 0