Ace Company reported net income of $30,000 and paid $10,000 in dividends for the year. Included in the calculation of net income was a $6,000 loss on the sale of land costing $24,000. The company purchased equipment during the year, and, in an unrelated transaction, borrowed $41,000 via a long-term note. Below is a partially completed worksheet for preparing the cash flow statement. Click in the boxed areas and use the pick list to select amounts needed to complete the worksheet. When you have successfully made all selections, the debit and credit column totals will turn green.
	Beg.	Debits	Credits	End
Debits
Cash	$ 80,000	$ 80,000		$ 160,000
Accounts receivable	225,000	15,000		240,000
Inventory	140,000		$ 30,000	110,000
Prepaid expenses	40,000			40,000
Land	120,000		-	96,000
Building	260,000			260,000
Equipment	50,000	41,000	-	90,000
	$ 915,000			$ 996,000
Credits
Accumulated depreciation	$ 45,000		15,000	$ 60,000
Accounts payable	65,000		5,000	70,000
Long-term note payable	100,000	-	-	141,000
Common stock	75,000			75,000
Additional paid-in capital	410,000			410,000
Retained earnings	220,000	-	-	240,000
	$ 915,000			$ 996,000
Cash from operating activities:
Net income		-	-
Depreciation expense		-	-
Loss on sale of land		-	-
Increase in acct. rec.		-	-
Decrease in inventory		-	-
Increase in acct. payable		-	-
Cash from investing activities:		-	-
Sale of land		-	-
Purchase of equipment		-	-
Cash from financing activities		-	-
Long-term borrowing		-	-
Dividends paid		-	-
Increase in cash		-	-
		$ 160,000	$ 50,000