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The comparative balance sheets and income statements for Gypsy Company follow: 12 Balance Sheets As of December 31 Year 2 Year 1 7 points Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings Total liabilities and equity $ 32,500 4,750 11,200 45,000 (17,800) 28,000 $103,650 $ 16,300 2,800 9,800 52,000 (21,800) 12,000 $ 71,100 eBook Ask $ 3,750 5,800 47,000 47,100 $103,650 $ 4,900 7,800 25,000 33,400 $ 71,100 o References Income Statement For the Year Ended December 31, Year 2 Sales revenue $ 61,200 Cost of goods sold (24,500) Gross margin 36,700 Depreciation expense (12,000) Operating income 24,700 Gain on sale of equipment 1,500 Loss on disposal of land (100) Net income $ 26,100 Additional Data 1. During Year 2, the company sold equipment for $21500; it had originally cost $36,000. Accumulated depreciaron on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000 cash. 2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also, common stock was issued in exchange for title to land that was valued at $22,000 at the time of exchange. 3. Pald dividends of $12,400. Prepare a statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) 12 GYPSY COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: 7 points Less: Increases in current assets and Decreases in current liabilities: eBook Ask Plus: Noncash charges References Cash flows from investing activities: Cash flows from financing activities: current liabilities. 12 Plus: Noncash charges 7 points eBook Cash flows from investing activities: Ask References Cash flows from financing activities: Ending cash balance Schedule of noncash investing and financing activities: Proceeds from sale of equipment Ceferences Decrease in accounts payable Decrease in accounts receivable Decrease in inventory Depreciation expense $ GYPSY COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Net income $ 26 Less: Increases in current assets and Decreases in current liabilities: Depreciation expense Proceeds from sale of equipment Paid for dividends ULULL Increase in accounts payable Increase in accounts receivable Increase in inventory Issued common stock for land Paid for dividends Submitted USITIOWS II Un pelaulny acuviues. $ 26,100 12 x Net income Less: Increases in current assets and Decreases in current liabilities: Depreciation expense Proceeds from sale of equipment Decrease in inventory Increase in accounts receivable Plus: Noncash charges Increase in inventory Less: Loss on disposal of land 12,000 (1,500) 100 (1,950) x 3.08/7 points awarded Scored x x (1,400) X (1,150) x x eBook X $ 32,200 Cash flows from investing activities: Proceeds from sale of equipment Paid to purchase equipment Proceeds from sale of land 21,500 Ask OOO (29,000) 5,900 References x (1,600) Cash flows from financing activities: Repayment of debt Paid for dividends (2,000) (12,400) Net cash inflow from financing activities x + (14,400) 16,200 X x Ending cash balance Schedule of noncash investing and financing activities: $ 16,200 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted