Daimon Inc began operations on January 1, 2014. Its adjusted trial balance at December 31, 2015 and 2016 is shown below.
Other information regarding Bentley Inc. and its activities during 2016 follow in (a) through (f) : Assume all accounts have normal balances. $9,000 of the long-term notes payable will be paid during 2017. Equipment was sold for cash of $47,500. Old machinery was sold for cash of $12,800. New machinery was purchased for $49,000 cash. Common shares were issued for cash. 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.

Account

Dec 31 2016

Dec 31 2015

Accounts Payable

35040

46000

Accounts receivable

58400

58000

Accumulated Depreciation, Equipment

55000

42000

Accumulated Depreciation Machinery

10700

82000

Allowance for doubtful accounts

6400

2000

Depreciation expense, equipment

10200

10200

Depreciation expense, machinery

8600

8600

Cash

361000

330000

Dividends

56000

56000

Equipment

47300

143000

Machinery

73100

116000

Inventory

13230

15000

Long-term notes payable

46380

60000

Other expenses (Inluding lossess)

640000

25000

Retained Earnings

75000

60000

Revenues (including gains

688800

1148000

Common Shares

361000

321000

Unearned Revenue

39010

34000

Statement Of Cash Flows For the year ended December 31,2016

Cash flows from operating activities

Net income

30000

Depreciation Exp

Decrease in account receivable

Decrease in inventory

Decrease in account payable

Increase in unearned revenues

Loss on sale of equipment

Gain on sale of machinery

Net cash from operating activities

30000+(19320) = 49320

Cash flows from investing activities

Cash paid for machinery

Cash received from sale of equipment

Cash received from sale of machinery

Net cash from investing activities

Cash flows from financing activities

Cash received from common share issuance

Repayment of long-term note

Cash paid for dividends

Net cash from financing activities

Cash and cash equivalents (beginning of year)

330000

Cash and cash equivalents           (end of year)

361000

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