Question & Answer: The 2015 and 2016 comparative balance sheets for Patrick Railways are presented below. In addition the following facts are kn…..

The 2015 and 2016 comparative balance sheets for Patrick Railways are presented below. In addition the following facts are known: 1. Net Income for 2014 was $1,500. 2. Equipment costing $1,000 and having a carrying amount of $320 was sold in 2016 for $360. 3. A long-term investment was sold in 2016 for $320. There were no other transactions affecting long-term investments in 2016. 4. Short-term investments are shares of Patrick Computers they purchased in 2016. Prepare the Statement of Cash Flows-you must use the indirect method for operating activities