XYZ Corporation began operations on January 1, 2014. Its adjusted trial balance at December 31, 2015 and 2016 is shown below. Other information regarding XYZ Corporation and its activities during 2016 follow in (a) through (f): a. Assume all accounts have normal balances. b. $9,000 of the long-term notes payable will be paid during 2017. c. Equipment was sold for cash of $61,600. d. Old machinery was sold for cash of $33,200. New machinery was purchased for $29,000 cash. e. Common shares were issued for cash. f. Cash dividends were declared and paid. Using the information provided, prepare a statement of cash flows (using the indirect method) for the year ended December 31, 2016. Assume that interest is treated as an operating activity and dividends paid as a financing activity. For simplicity, ignore the required disclosures for cash flows associated with interest paid and received, dividends paid and received and income taxes as well as any non-cash disclosures that may have occurred in the current year. Please make sure your final answer(s) are accurate to 2 decimal places. XYZ Corporation Statement of Cash Flows For the Year Ended December 31, 2016 X + X ++ XYZ Corporation Adjusted Trial Balance December 31 Account 2016 2015 Accounts payable 68,670 62,000 Accounts receivable. 110,500 89,125 Accumulated depreciation, equipment 2,900 50,500 Accumulated depreciation, machinery, 8,000 40,500 Allowance for doubtful accounts 10,500 6,125 Depreciation expense, equipment 10,000 10,000 Depreciation expense, machinery. 7,500 7,500 Cash 249,580 170,000 Dividends 56,000 56,000 Equipment 27,400 145,000 Machinery. 62,000 107,000 Inventory 57,340 66,000 Long-term notes payable 47,320 60,000 Other expenses (including losses). 520,000 40,000 Retained earnings 75,000 65,000 Revenues (including gains). 568,500 123,500 Common shares 259,000 234,000 Unearned revenue 60,430 49,000