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the Star Inc financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method itional Information a Purchased machinery for $36,000 cash. b. Sold the long-term investment on January 1, 2014 for $26,000 c. Sold machinery for $17,000 cash that had originally cost $50,000 and had $38,500 of accumulated depreciation d Issued $45,000 of bonds payable at face value e The short-term investment is a treasury bill that was purchased with maturity in 90 days Star Inc Statement of Cash Flows For the Year Ended December 31, 2014 Cash flows from operating activities 32 000 Adjust to reconcile net income to cash provided by oper. act. Star Inc Comparative Balance Sheet Information December 31 Assets 2014 2013 Cash 478,000 200,000 Short term investments 38,000 Accounts receivable 35,800 94,000 Merchandise inventory 74,600 145,000 Long term investment 0 46,000 Machinery 206,000 220,000 Accumulated depreciation (123,500) (120,000) Total assets 708,900 617,000 X + Cash flows from investing activities Cash flows from financing activities X + Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity 37 400 26,000 45,000 377,000 223,500 708 900 53,000 30 000 0 377 000 157,000 617.000 Net increase (decrease) in cash Cash at beginning of year Gash at end of year https://ita 1.dyryx.com/quiz-servlets/QuizServlet?cid=11112 OCH UTUSTUS For the Year Ended December 31, 2014 Cash flows from operating activities Adjust to reconcile net income to cash provided by operact X Assets Cash Short-term investments Accounts receivable Merchandise inventory Long term investment Machinery Accumulated depreciation Total assets December 31 2014 2013 478,000 200,000 38,000 32,000 35,800 94,000 74,600 145,000 0 46,000 206,000 220,000 (123,500) (120,000) 708,900 617,000 Cash flows from investing activities x + Cash flows from financing activities Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity Net increase (decrease) in cash Cash at beginning of year Cash at end of year 37,400 26,000 45,000 377 000 223,500 708,900 53,000 30,000 0 377,000 157,000 617,000 Star Inc Income Statement For Year Ended December 31, 2014 Sales 720,000 Cost Of Goods Sold 550,000 Depreciation expense 42.000 Other expenses 47.000 (639,000) Loss on sale of long-term investment (20 000) Gain on sale of machinery 5,500 Net income 66,500