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Principles of Accounting 11 (Bonus Homework 10 points) Name: The following data for ABC Co. for the year ending December 31. Year 2, and the preceding year ended December 31, Year 1. are available: Cash Accounts receivable (net) Inventories Equipment Accumulated depreciation Year 2 Year 1 $100,000 $78,000 78,000 85,000 101,500 90.000 410,000 370,000 (150.000) (158.000 $539.500 $465.000 Accounts payable (merchandise creditors) Cash dividends payable Common stock, S10 par Paid-in capital in excess of par common stock Retained earnings $58.500 $55,000 5.000 4.000 200,000 170,000 62,000 60,000 214.000 176,000 $539,500 $465,000 In addition to the balance sheet data, assume that: Equipment costing $125,000 was purchased for cash. Equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000 The stock was issued for cash. The only entries in the retained earnings account were net income of $51,000 and cash dividends declared of $13,000. . Prepare Statement of Cash Flows, Indirect Method Complete each of the columns on the table below, indicating in which section cach item would be reported on the statement of cash flows (operating, investing, or financing), the amount that would be reported, and whether the item would create an increase or decrease in cash. For item that affect more than one section of the statement, indicate all affected. Assume the indirect method of reporting cash flows from operating activities. The first item has been completed as an example. Statement Section Amount to Report +|- Effect on Cash Item Depreciation of $15,000 for the period Operating $15.000 Increase Issuance of common stock for $25,000 Increase in accounts payable of $17,000 Retirement of bonds at face value of $100,000 Purchase of long-term investments for 894,500 Dividends declared and paid of $18,300 Increase in prepaid rent of $14,500 Decrease in Inventory of $25,300 Purchase of equipment for $117,600 cash Sale of land originally costing $134,000 for $130,000 Decrease in taxes payable of $2,100