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P12-5 (Algo) (Supplement B) Preparing a Statement of Cash Flows with Gain on Sale of Equipment (Indirect Method) LO12-2, 12-4, 12-6 XS Supply Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income statement are summarized below. Current Year Pelor Year Balance sheet at December 31 Cash Accounts receivable Merchandise inventory Property and equipment Less Accumulated depreciation es Accounts payable Wages payable Note payable, long-term Common stock and additional paid in capital Retained earnings $ 34,000 36,700 46.000 122,800 (31,700) $200.600 $ 37,700 2,000 45,700 96,300 32,400 $208,600 $ 30,500 29,500 38,800 101,200 (25.900 $174,100 $ 29,000 2.400 48,300 73,500 20,900 $174.100 Income statement for current year Sales Gain on sale of equipment Cost of goods sold other expenses Net Income $127.000 1.000 77,000 39,500 $ 11,500 Additional data: a Bought equipment for cash. $36.600. Sold equipment with original cost of $15,000, accumulated depreciation of S11,000, for $5,000 cash. b. Paid $2,600 on the long term note payable. c. Issued new shares of stock for $17,300 cash. d. No dividends were declared or paid. e. Other expenses included depreciation, $16,800, wages, $13,900, taxes, $6,000, and other $2.800. f. Accounts payable includes only inventory purchases made on credit. Because there are no liability accounts relating to taxes or other expenses, assume that these expenses were fully paid in cash. Required: 1. Prepare the statement of cash flows for the year ended December 31, current year, using the indirect method. (List cash outflows as negative amounts.) Y SUPPLY COMPANY