ices. arsal RAST CORPORATION Accounts 31 Dec 20X6 31 Dec 20X7 TL TL 22.000 30.000 76.000 67.000 236.000 146.800 40.000 50,000 40.600) 45.800 120.000 140.000 23.000 22.800 256.000 288.000 5.000 192.000 80.000 120.000 100.0XXO Account Receivable (from customers.net Accounts Payable (for suppliers) Accumulated Depreciation Bonds Payable Cash Common Stock, $25 par value Depreciation Expense Equipment Gain on Sale of Trading Securities Land Merchandise Inventory Other Operating Expenses Prepaid Rent Rent Expense Retained Earnings Salaries Expense Salaries Payable Trading Securities Additional Paid in Capital Cost of Goods Sold Gross Profit Impairment Loss on Trading Securities Income Tax Expense Interest Expense Sales 215.600 205,500 2.400 4.800 28.000 24.000 75.400 ? 260.000 256.000 28.000 24.000 56.000 40.000 60.000 60.000 797.200 957.00 643.000 5.000 32.000 702.800 1.000 52.000 4.500 1.500.000 4.000 1,600.000 ents Additional Information for the year 20X7: Land purchase TL 112.000 New equipment purchase 100.000 Old machinery: Cost 132.000 Accumulated depreciation. 112.000 Sales price 20.000 Issued common stock Paid back TL 30,000 bonds and issued new bonds. Declared and paid cash dividends. Sold trading securities that cost TL 10,000 for a gain of 5,000. Required: 1. Prepare the income statement for the year 20X7. 2. Prepare the statement of financial position at 31 December 20X7. 3. (Appendix 6) Prepare the statement of cash flows for the year 20x7. P 6-7 The following information is taken from the financial statement statement of cash flows for the year 20X8. (Appendix 6) Accounts with Debit Balances 20X8 Cash 20X7 37.500 39 53.700 Accounts Receivable-net Merchandise Inventory Prepaid Operating Expenses 39. 158.000 120.0 Interest Receivable 2.100 1.400 1.8 Other Tangible Assets 129.000 60 Land 90.00 50.000 25.000 Property, Plant and Equipment-PPE-net 297.000