BALANCE SHEET PRIOR YEAR CURRENT YEAR 52000 CASH 43200 62400 68000 ACCOUNTS RECEIVABLE (NET) INVENTORIES 85200 72000 0 16000 LAND 396000 296000 EQUIPMENT ACCUMULATED DEPRECIATION -172000 -126400 423600 16880 0 0 42800 44000 ACCOUNTS PAYABLE (MERCHANDISE CREDITORS) COMMON STOCK, SIO PAR 160000 136000 49600 48000 PAID-IN CAPITAL IN EXCESS OF PAR-COMMON STOCK 171200 140000 RETAINED EARNINGS 423600 368800 04) (20 MARKS) ON THE BASIS OF THE FOLLOWING DATA FOR BRANCH CO. FOR THE CURRENT AND PRECEDING YEARS ENDED DECEMBER 31, PREPARE A STATEMENT OF CASH FLOWS USING THE INDIRECT METHOD. ASSUME EQUIPMENT WAS PURCHASED, ON CASH COSTING 100.000 12.000 LAND WAS SOLD FOR NET INCOME EANED IN CURRENT YEAR 44800 DIVIDENDS DECLARED AND EARNED 14400 STOCK WAS ISSUED FOR CASH