accounting

A comparative balance sheet for Tenet Corporation is presented below: TENER CORPORATION Corn narative Balance Sheet _ EIIEFE_ Additional information: 1. Net loss for 2008 is $15,000. 2. Cash dividends of $9,000 were declared and paid in 2008. 3. Land was sold for cash at a loss of $7,000. This was the only land transaction during the year. 4. Equipment with a cost of$ 15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash. 5. Acquisition of WSD, net of cash and cash equivalents acquired $15000 6. $12,000 ofbonds were retired during the year at carrying (book) value. '3'. Collection of principal on long-term loan to a supplier $15,000 3. Equipment was acquired for common stock The fair market value of the stock at the time of the exchange was $25,000. Instructions a} Prepare a statement of cash ows for the year ended 2003, using the indirect method. [15 marks] b) Calculate the free cash ow and comment on it. [5 lath] Bradly Company purchased equipment in 2001 for $90,000 and estimated a $6,000 salvage value at the end of the equipment's 10-year useful life. At December 31, 2007, there was $58,300 in the accumulated depreciation for this equipment using the straight-line method of depreciation. On March 3 l , 2008, the equipment was sold for $24,000. Prepare the appropriate journal entries to remove the equipment from the books of Bradly Company on March 31, 2008. [5 marks]