Jordan Corporation’s financial statements are presented here. P.O. 5 Additional information in the records revealed that equipment having a cost of $50,000 and accumulated depreciation of $44,000 was sold for $12,230 cash.

Also, 5,000 shares of common stock having a par value of $10 per share were sold for $60,000 cash.

Instructions Prepare a statement of cash flows for the year 19x8.

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Revenue from Sales: Sales. Less Sales Returns and Allowances Net Sales Cost of Goods Sold: S 994 2 60 00 12120 00 S 982140 00 Merchandise Inventory, January 1, 19x8 $ 396 700 00 Net Purchases 703 100 00 Goods Available for Sale Less Merchandise Inventory, December 31, 19x8 Cost of Goods Sold Gross Profit $1 099 800 00 421 450 00 Operating Expenses: Wages Expense Rent Expense Depreciation Expense, Equipment Supplies Expense Insurance Expense Income from Operations 1264 00 00 20000 00 2600000 2950 00 120000 678350 00 $ 303 790 00 1765 50 00 $ 1272 40 00 Total Operating Expenses Other Income: Gain on Disposal of Plant and Equipment Other Expenses: Interest Expense Income Before Income Tax Income Tax Expense Net Income S 623000 790 00 5440 00 S 132 680 00 S 4511000 875 70 00