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1 A comparative balance sheet for Shabbona Corporation is presented below. December 31 2013 2013 $72,349 $ 22,000 84,589 69,240 182,589 192,240 73,589 113,240 257,411

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1 A comparative balance sheet for Shabbona Corporation is presented below. December 31 2013 2013 $72,349 $ 22,000 84,589 69,240 182,589 192,240 73,589 113,240 257,411 196,760 (71,589) (45,240 $598,938 $548,240 Assets Cash Accounts receivable Inventory Land Equipment Accumulated Depreciation Equipment Total Llabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $36,589 150,000 214,000 199,349 $598,938 $50,240 200,000 164,000 134,000 $548,240 Additional information: 1. Net Income for 2014 was $130,178. 2. Cash dividends of $65,829 were deciared and paid. 3. Bonds payable amounting to $50,000 were retired through issuance of common stock. 4. Scrapped fully deprecated equipment that originally cost $5,000 for $250 cash. Required (use EXCEL for each step below): 1. Input the comparative balance sheet into an EXCEL spreadsheet. 2. Add a column that calculates the change in each account from 2013 to 2014. 3. Prepare a statement of cash flows using the indirect method. Show how you reconcile each change in the balance sheet accounts to amounts appearing in the statement of cash flows

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