1 of 3 Problem 1 (25 points) Field Corporation has selected you to help them prepare their statement of cash flows for the year ending December 31, 20X4. The comparative balance sheets for the company, showing the ending balances for years 20X3 and 20X4 are attached. Also attached is additional information available for the company's operations for the year ending December 31, 20X4. REQUIRED: Prepare a statement of cash flows, in proper form for the company for the year ending December 31, 20X4, using the indirect method. Be sure to include all appropriate parts, including a schedule of noncash investing and financing activities FIELD CORPORATION COMPARATIVE BALANCE SHEETS FOR YEARS ENDING DECEMBER 31, 20X3 AND 20X4 Dec. 31, 20X4 Dec. 31, 20X3 Cash S 23.500S 12,400 Short Term Investments 40,000 30.000 Accounts Receivable (Net) 85.000 94.000 Inventory 62.400 58,300 Prepaid Insurance 1.400 950 Land 15.000 9.000 Buildings 124.000 165.000 Accumulated Depreciation, Buildings 70,000) 85,000) Equipment 223.500 193,400 Accumulated Depreciation, Equipment 104,600) ( 93,600) Patents 9,200 12.500 Trademark 15. 2000 TOTAL ASSETS S 424,600S 396,950 18,700 6.100 Accounts Payable Wages and Salaries Payable Income Taxes Payable Short Term Notes Payable Mortgage Payable Bonds Payable Common Stock, S5 par value Additional Paid In Capital, Common Stock Retained Earnings Treasury Stock TOTAL LIABILITIES AND STOCKHOLDERS EQUITY 12.500S 7.200 20,600 39,000 54,000 100,000 75.000 49.000 75.00 8.500) 15.700 51.000 60.000 50,000 65.000 39.000 S 424,600S 396,950 (b) The FIELD CORPORATION ADDITIONAL INFORMATION FOR PREPARING STATEMENT OF CASH FLOWS FOR YEAR ENDING DECEMBER 31, 20X4 The company declared and paid $30,000 in dividends during the year. All other changes to the retained earnings account was due to net income or loss for the period The company purchased 1,000 shares of its stock treasury stock) during the year. There were no sales of treasury stock during the year. The company purchased land during the year by issuing a mortgage payable in the amount of S6,000 The company sold a building with an original cost of $41,000 and a book value of $21.000 for $30,000. The company recorded depreciation expense of $5,000 on buildings during the year. Amortization expense on the patent for the year amounted to $3,300. The company issued bonds for cash during the year at their par value The company purchased a trademark during the year for $16,000. The other changes to the account were due to amortization of the trademark during the year The company issued 2,000 shares of common stock during the year for cash when the market price of the stock was $10 per share. The company sold equipment during the year with an original cost of $25,000 which was 60% depreciated for $7,000. All other changes to the equipment account were due to purchases of equipment for cash. All other changes to the accumulated depreciation account for equipment were due to depreciation expense. (h)