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Allen Company's comparative balance sheets for December 31 of 2018 and 2017 are shown below. Assets Dec 31, 2018 Dec 31, 2017 Increase Decrease $
Allen Company's comparative balance sheets for December 31 of 2018 and 2017 are shown below. Assets Dec 31, 2018 Dec 31, 2017 Increase Decrease $ 117,500 $ 53,500 $ 64,000 Cash Accounts Receivable (net) 10,500 9,400 1,100 Inventory 33,900 $ 100 Prepaid Expenses 3,100 3,000 Plant Assets 34,000 6,100 55,000 (22,400) $ 135,600 10,000 65,000 (30,700) $ 199,300 Accumulated Depreciation 8,300 Total Assets Liabilities and Stockholders' Equity Accounts Payable $ 16,600 3,400 $ 13,200 3,700 Wages Payable 1,300 2,400 Income Tax Payable 6,300 6,700 400 Bonds Payable 42,000 Common Stock, $10 par 65,000 55,000 42,000 10,000 15,000 Additional Paid-in Capital 44,000 29,000 Liabilities and Stockholders' Equity Accounts Payable $ 16,600 $ 13,200 3,400 Wages Payable 1,300 3,700 2,400 Income Tax Payable 6.700 400 6,300 42,000 Bonds Payable ----- 42,000 Common Stock, $10 par 65,000 55,000 10,000 Additional Paid-in Capital 44,000 29,000 15,000 Retained Earnings 28,000 1,000 29,000 (4,900) ----- 4,900 Treasury Stock Total Liabilities and Stockholders' Equity $ 199,300 $ 135,600 The following information is taken from Allen's financial records. During 2018, equipment was sold for $28,800. The equipment had an original cost of $35,000 and a current book value of $30,000. 1,000 shares of common stock were issued for $25 per share. Depreciation expense for 2018 was $13,300. Net income for the year was $12,000. Required: Prepare the financing activities section of the statement of cash flows for Allen Company, indirect method. Note: The operating activities and investing activities sections have been completed. Net Cash Flow from (used for) Investing Activities $ (16,200) Financing Activities Cash received from: (Choose one) Cash paid out for: (Choose one) Net Cash Flow from (used for) Financing Activities
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