Dove Company Comparative Balance Sheet December 31 (000s) Assets Cash 2019 2018 $ 47 Accounts receivable Less: Allowance for doubtful accounts 48 (4) Inventory 58 Equity investments (long-term) 15 Land 70 Plant assets 225 Less: Accumulated depreciation (25) $434 $369 Liabilities Accounts payable Accrued liabilities Notes payable Bonds payable 881 10 (50) $13 13 30 93 -0- Shareholders Equity Common stock $234 $220 Retained earnings 51 47 Total Liabilities and Stockholders' Equity $434 $369 Dove Company Income Statement For the Year Ended December 31, 2019 (000s) + Sales Revenue $203 Expenses Cost of goods sold $120 Operating expenses 31 Interest expense 8 Loss on sale of building 3 Income tax expense 16 178 Net income $25 Additional information from the accounting records: 123 1. 2. 3. A building that originally cost $40,000, and which was 75% depreciated, was sold for cash. The common stock of Byrd Corporation was purchased as a long-term investment. Land was acquired by issuing a 13%, seven-year, $30,000 note to the seller. 1 2 Required 1. Prepare a Statement of Cash Flows for Dove Company (indirect method) in good form. (The homework solutions provide a good reference for the proper format.) 2. Also prepare the required schedule for noncash transactions (feel free to use the space below on this page). For changes in the accounts that are not discussed in the additional information above, make the most logical assumption to be made in preparing the statement. A T-account worksheet has been added for your convenience. If you do not use it, please show work to support the items and amounts you have included in your Statement of Cash Flows