Grant Wood Corporations balance sheet at the end of 2013 included the following items.

Current assets $236,608 Current liabilities $151,608 Land 31,454 Bonds payable 101,608 Buildings 121,608 Common stock 181,454 Equipment 91,454 Retained earnings 45,454 Accum. depr.-buildings (31,608 ) Total $480,124 Accum. depr.-equipment (11,000 ) Patents 41,608 Total $480,124

The following information is available for 2014. 1. Net income was $55,639.

2. Equipment (cost $21,608 and accumulated depreciation $9,608) was sold for $10,000.

3. Depreciation expense was $5,608 on the building and $10,608 on equipment.

4. Patent amortization was $2,500.

5. Current assets other than cash increased by $29,000. Current liabilities increased by $14,608.

6. An addition to the building was completed at a cost of $28,608.

7. A long-term investment (Equity) in stock was purchased for $16,000.

8. Bonds payable of $51,454 were issued.

9. Cash dividends of $30,000 were declared and paid.

10. Treasury stock was purchased at a cost of $11,000.

a. Prepare a statement of cash flows for 2014. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

b. Prepare a balance sheet at December 31, 2014. (Show only totals for current assets and current liabilities.) (List Property, Plant and Equipment in order of Land, Building and Equipment.)