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CAROLINA CORPORATION Comparative Statements of Financial Position December 31 2,014 2,013 Cash 43,000 24,000 Accounts Receivable, net 35,000 38,000 Inventory 114,000 82,000 Land 120,000 190,000

CAROLINA CORPORATION

Comparative Statements of Financial Position December 31

2,014 2,013
Cash 43,000 24,000
Accounts Receivable, net 35,000 38,000
Inventory 114,000 82,000
Land 120,000 190,000
Building 200,000 200,000
Accumulated Depreciation -50,000 -40,000
Equipment 1,030,000 600,000
Accumulated Depreciation -118,000 -94,000
1,374,000 1,000,000
Accounts Payable 115,000 100,000
4% Bonds Payable 320,000 0
Common Shares 750,000 750,000
Retained Earnings 189,000 150,000
1,374,000 1,000,000

Additional data:

1. Net income for the year was $84,000.

2. Cash dividends were paid.

3. Land was sold for $80,000.

4. Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it.

Instructions Prepare a statement of cash flows for calendar 2014, using the indirect method

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