E17-23

Canyon Canoe Company's comparative balance sheet is shown below. Accounts for 2024 are assumed, but not included in several transactions.

Canyon Canoe Company

Comparative Balance sheet

December 31, 2023 and 2024

Assets	2024	2023
Current assets	$523,693	12,125
Short term investments	23,840	0
Accounts Receivable net	2,422	7,600
Inventory	355	0
Office Supplies	60	165
Prepaid rent	0	2,000
Property, Plant, equipment
Land	155,000	85,000
Building	610,000	35,000
Canoes	12,000	12,000
Office furniture and equipment	150,000	0
Less: Ammortization amort, furn, equip.	35,180	850
Total Assets	$1,442,190	$153,040
Liabilites
Current liabilities
Acounts Payable	$6,640	$3,670
Salaries Payable	4,250	1,250
Note payable	15,000	0
Interest Payable	350	50
Unearned revenue	500	350
Long term liabilities
Note payable	7,200	7,200
Mortage Payable	405,000	0
Bonds Payable	210,000	0
Discount on bonds payable	(1,270)	0
Total Liablities	$647,670	12,520
Shareholders equity
Preferred Shares	70,000	0
Common shares	336,000	136,000
Retained Earnings	388,520	4,520
Total shareholders equity	794,520	140,520
Total libalitites and shareholders equity	1,442,190	153,040

Additional data follow:

1. The net income statement for 2024 included the following items

a) net income, 417,000

b) Amortization expense for the year, $34,330

c) Amortization of discount on the bonds payable 254

2. There were no disposals of property, plan,t, and equipment during the year. All acquisitions of property plant and equipment were in cash except the land, which was acquired by issuing [referred shares.

3. The company issued bonds payable with a face value of $210,000, receiving cash of 208,476

4. All dividends were paid in cash

5. The common shares were issued in cash

6. The cash receipt from the note payable in 2024 is considered a financing activity because it does not relate to operations

Required:

Prepare the statement of cash flows for the year ended in December 31 2024 using the indirect method