Help System Announcements Time: 10:06 PM / Remaining: 47 min. Problem 12-09A Condensed financial data of Sunland Company follow. Sunland Company Comparative Balance Sheets December 31 Assets 2022 Cash $121,200 Accounts receivable 131,700 Inventory 168,750 Prepaid expenses 42,600 Long-term investments 207,000 Plant assets 427,500 Accumulated deprecation (75,000) Total $1,023,750 2021 $ 72,600 57,000 154,275 39,000 163,500 363,750 (78,000) $772,125 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained eamings Total $ 153,000 24,750 165,000 330,000 351,000 $1,023,750 $ 100,950 31,500 219,000 262,500 158,175 $772,125 $582,690 Sunland Company Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $203,190 Operating expenses, excluding depreciation 18,615 Depreciation expense 69,750 Income tax expense 40,920 Interest expense 2,095 ere to search Bi a *** 219,000 bonas payable Common stock Retained earings Total 100,000 330,000 351,000 $1,023,750 262,500 158,175 $772,125 $582,690 Sunland Company Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $203,190 Operating expenses, excluding depreciation 18,615 Depreciation expense 69,750 Income tax expense 40,920 Interest expense 7,095 Loss on disposal of plant assets 11,250 Net income 350,820 $ 231,870 re ce uice 1 Dice Additional information: 1. New plant assets costing $150,000 were purchased for cash during the year 2. old plant assets having an original cost of $86,250 and accumulated depreciation of $72,750 were sold for $ 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $39,045 was declared and paid during the year Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with e Sunland Company Statement of Cash Flows soice 00 hoice 96 hoice 81 12-09 pre sults by ective Adjustments to reconcle net income to Type here to search O ELI 84 a Additional information: 1. New plant assets costing $150,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $86,250 and accumulated depreciation of $72,750 were sold for $2,250 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $39,045 was dedared and paid during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash low with either a sign eg Sunland Company Statement of Cash Flows Adjustments to reconcile net income to DY be here to search O
