G. Cash dividends declared, $131,040. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. PR 13-3B Statement of cash flows-indirect method Obj. 2, 3, 4,5 The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 2041, is as follows: Dec 31, 2012 Dec 31, 20Y1 Assets Cash .... $ 300,600 $ 337,800 ... Accounts receivable (net) 704,400 609,600 Inventories .... 918,600 865,800 Prepaid expenses ......... 18,600 26,400 Land .................. 990,000 1,386,000 1,980,000 990,000 Buildings .... (397,200) (366,000) Accumulated depreciation-buildings... 660,600 529,800 Equipment (162,000) Accumulated depreciation (133,200) equipment .... $5,042,400 $4,217,400 Total assets .... Liabilities and Stockholders' Equity $ 594,000 $ 631,200 Accounts payable (merchandise creditors).. 26,400 21,600 Income taxes payable ..... 330,000 Bonds payable ..... 320,000 180,000 Common stock, $20 par..... 950,000 810,000 Paid in capital: Excess of issue price over par-common stock..... 2,822,000 2,574,600 Retained earnings.. $5,042,400 $4,217,400 Total liabilities and stockholders' equity... ACCOUNT Land ACCOUNT Balance Date Item Debit Credit 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. 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. Balance Depreciation for year 31 31,200 366,000 397,200 ACCOUNT Equipment ACCOUNT NO. Balance Debit Credit Date Item Debit Credit Jan. 26 Balance Discarded, no salvage Purchased for cash 66,000 529.800 463,800 660,600 Aug. 11 196,800 ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Date Item Debit Credit /Debit Credit 2012 Jan. Balance Equipment discarded Depreciation for year 66,000 162,000 96,000 133,200 37,200 Dec. ACCOUNT Bonds Payable ACCOUNT NO. Balance Debit Credit Item Debit Credit Date May 1 330,000 Issued 20-year bonds 330,000 ACCOUNT NO. Chapter 13 Statement of Cash Flows Balance ACCOUNT Common Stock, $20 par Credit Debit / Debit Credit Item Date 180,000 2012 Jan. Dec. 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 Credit Debit Item Date 2012 Jan. 810,000 Dec. 7 Balance Issued 7,000 shares of common stock for $40 per share 140,000 950,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance /Debit Credit Date Item Debit Credit 2012 Jan. Dec. 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 operating activities