On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the financing section of the statement of cash flows, assuming no gain or loss on retiring the bonds:

Emerald Golf Inc. reported a net cash flow from operating activities of \(\$ 86,700\) on its statement of cash flows for the year ended December 31, 2008. The following information was reported in the cash flows from operating activities section of the statement of cash flows, using the indirect method:

Determine the net income reported by Emerald Golf Inc. for the year ended December 31, 2008.obj. 3

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ACCOUNT Bonds Payable Date 2008 Jan. 1 Balance Jan. 3 Retire bonds July 30 Issue bonds ACCOUNT NO. Balance Item Debit Credit Debit ACCOUNT Discount on Bonds Payable Credit 150,000 70,000 80,000 350,000 430,000 ACCOUNT NO. 2008 Jan. 1 Balance 12,000 Jan. 3 Retire bonds 5,600 6,400 July 30 Issue bonds 20,000 26,400 Dec. 31 Amortize discount 1,600 24,800