The comparative balance sheet of Harris Industries Inc. at December 31, 2016 and 2015, is as follows:

An examination of the income statement and the accounting records revealed the following additional information applicable to 2016:

a. Net income, $524,580.
b. Depreciation expense reported on the income statement: buildings, $51,660; machinery 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 flows from operating activities.

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Dec. 31, 2016 Dec. 31, 2015 s 443,240 665,280 887,880 31,640 302,400 1,713,600 (466,200) 781,200 (214,200) 106,960 4,251,800 360,920 592,200 1,022,560 25,200 302,400 1,134,000 (414,540) 781,200 (191,520) 112,000 3,724,420 Inventories . Land 6 Liabilities and Stockholders'Equity $ 837,480 32,760 78,960 224,000 927,080 25,200 87,080 Dividends payable 200,400 366,000 2,512,200 4,251,800 390,000 50,400 126,000 2,118,660 3,724,420 Paid-in capital:Excess of issue price over par-common stock Total liabilities and stockholders' equity