Assignment 8 - Chapter 13 The comparative balance sheet for Last Assignment, Inc. is as follows: Current Prior Year Year Assets Cash $172,300 $58,000 Accounts Receivable 108,500 115,000 Inventory 153,400 149,600 Prepaid Insurance 1,200 4,800 Land 0 10,000 Equipment 318,500 268,500 Accumulated Depreciation -80,100 -66,100 Total Assets $673,800 $539,800 Liabilities & Stockholders' Equity Accounts Payable $110,000 $98,000 Note Payable (due in 5 years) 20,000 0 Common Stock 30,000 10,000 Additional Paid-in Capital, Common Stock 190,000 150,000 Retained Earnings 323,800 281,800 Total Liabilities & Stockholders' Equity $673,800 $539,800 Additional data obtained from the current year income statement and from a review of the general ledger reveals the following 1. Net Income from Income Statement was $62,000. 2. Depreciation Expense reported on the Income Statement was $44,000. 3. Equipment was purchased at a cost of $90,000. 4. Equipment with an original cost of $30,000 and accumulated depreciation of $20,000 was sold for $ 8,000. 5. Fully depreciated equipment costing $10,000 with no residual value was discarded (1.e. thrown away). 6. $20,000 was received upon issuing the Note Payable. 7. Commons stock was issued for cash 8. Cash dividends declared and paid amounted to $ 20,000. 9. The current year balance for Land is zero because it was sold for $50,000 during the current year. Required: Using the indirect method, prepare a Cash Flow Statement for the current year