w from wities, PR 16-28 Statement of cash flows-indirect method The comparative balance sheet of Harris Industries Inc. at December 31, 2016 and 2015, is as follows: Dec 31, 2016 Dec 31, 2015 Assets Cash ..... $ 443,240 $360,920 Accounts receivable (net)......... 665,280 Inventories ... 592,200 887,880 Prepaid expenses .... 1,022,560 31,640 Land. 25,200 302.400 Buildings 302,400 1.713,600 Accumulated depreciation--buildings..... 1,134,000 (466,200) (414,540) Machinery and equipment.... 781,200 Accumulated depreciation-machinery and equipment.... 781,200 (214,200) Patents (191,520) 106,960 Total assets... 112.000 . . 54.251,800 $3,724,420 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable..... . .. Salaries payable. Mortgage note payable, due 2017..... Bonds payable......... Common stock, 55 par. Pald-in capital: Excess of issue price over par common stock Retained earnings.. Total liabilities and stockholders' equity..... $927,080 25,200 87,080 $ 837,480 32,760 78,960 224,000 0 200,400 366,000 2.512,200 $4,251,800 390,000 50.400 126,000 2,118,660 $3,724,420 An examination of the income statement and the accounting records revealed the fee lowing additional information applicable to 2016: a. Net income, $524,580. b. Depreciation expense reported on the income statement: buildings, $51,660; machines and equipment, $22,680. c. Patent amortization reported on the income statement, $5,040. d. A building was constructed for $579,600. e. A mortgage note for $224,000 was issued for cash. f. 30,000 shares of common stock were issued at $13 in exchange for the bonds payable g. Cash dividends declared, $131,040. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash floms from operating activities