George Company - Comparative Balance Sheet December 31 ASSETS 2004 2003 Difference Cash $142,700 $83,400 $59,300 205 100 Accounts Receivable 80,800 37,000 43,800 pich / 41,000 Inventories 121,900 102,650 19,250 26000 sold Land 84,500 107,000 (22,500) Equipment 310,000 205,000 105,000 Accumulated Depreciation (49.500) (40.000) (9.500) 3/0,000 TOTAL $690,400 $495,050 $195,350 Acecom. Deputation LIABILITIES & STOCKHOLDERS' EQUITY 40.000 Accounts Payable $62,700 $48,280 $14,420 S2630035, Soome Wages Payable 12,100 18,830 ($6,730) Bonds Payable? 140,000 70.000 $70,000 Common Stock 240,000 200.000 $40,000 Contributed Capital In Excess of Par-CS 60,000 50,000 $10,000 Retained Earnings 175,600 107.940 $67.660 Total Liabilities and Retained Stockholders' Equity $690.400 $495,050 $195,350 Earning 1102940 George Company - Income Statement 75000 742. bote For the Year Ended December 31, 2004 Sales $297,500 Less: Cost of Good Sold 99.460 Gross Margin 198,040 Operating Expenses: Salary Expense $14,670 Depreciation Expense 35,500 Rent Expense 7.270 Utilities Expense 2.940 60,380 Gains Losses Gain on Sale of Plant Assets 5.000 Net Income $142,660 Divide 175,600 Cash A . Depute 15,00 25.000 Additional Information: New plant assets costing $141.000 were purchased for cash during the year. Land was sold at cost. Plant assets costing $36,000 were sold for $15,000 cash, resulting in a gain of $5,000 * Bonds were issued for cash during the year. * A cash dividend of $75,000 was declared and paid during the year. * Common Stock was issued for cash during the year. Gainan sale 36,00 5,00 On the answer sheet provided, prepare the 2004 statement of cash flows using the Indirect Method Be sure to enter the approprate date information in the statement heading (a blank line is provided)