Dec. 31, 20Y2 Dec 31, 20Y1 Assets Cash .... Accounts receivable (net) Inventories Prepaid expenses Land Buildings .... Accumulated depreciation--buildings. Equipment Accumulated depreciation--equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Income taxes payable Bonds payable. Common stock, $20 par. Paid-in capital: Excess of issue price over par common stock Retained earnings ..... Total liabilities and stockholders' equity. $ 300,600 704,400 918,600 18,600 990,000 $1,980,000 (397,200) 660,600 (133,200) $5,042.400 $ 337.800 609,600 865,800 26,400 1,386,000 $ 990.000 (366,000) 529,800 (162,000) $4,217.400 $ 594,000 26.400 330.000 320,000 950.000 2,822.000 $5,042,400 $ 631,200 21,600 0 180,000 810,000 2,574,600 $4,217,400 The noncurrent asset, for 20Y2 are as follows: liability, and stockholders' equity counts Print Preview ACCOUNT Land ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 Jan. Apr. 1 20 1,386,000 Balance Realized $456,000 cash from sale 396,000 990,000 ACCOUNT Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. Apr. 1 20 Balance Acquired for cash 990,000 1,980,000 990,000 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO Balance Debit Credit Date Item Debit Credit 2012 Jan. Dec. 1 31 Balance Depreciation for year 366,000 397,200 31,200 ACCOUNT Equipment ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 Jan. 1 26 11 Balance Discarded, no salvage Purchased for cash 66,000 529,800 463,800 660,600 Aug 196,800 ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Date item Debit Credit Debit Credit 2012 Jan. 1 26 31 Balance Equipment discarded Depreciation for year 66,000 Dec. 162,000 96,000 133,200 37,200 ACCOUNT Bonds Payable ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 May 1 Issued 20-year bonds 330,000 330,000 ACCOUNT Common Stock, S20 par ACCOUNT NO Balance Debit Credit Date Item Debit Credit 2012 Jan. Dec 180,000 1 7 Balance Issued 7,000 shares of common stock for $40 per share 140,000 320,000 ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 Jan. Dec 1 810,000 7 Balance Issued 7,000 shares of common stock for $40 per share 140,000 950,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. Dec 1 31 31 Balance Net income Cash dividends 326,600 2,574,600 2,901,200 2.822,000 79,200 Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities