iPad 5:18 PM 74%-. ASSIGNMENT RESOURCES Exercise 12-8 Shown below are comparative balance sheets for Padgett Company a Exercise!21 D Exercise 12-2 Exercise i2-3 PADGETT COMPANY Comparative Balance Sheets Exercise 12.5 2012 2011 $ 63,240 20,460 70,680 175,770 93,000 186,000 Exercise 12-7 81,840 155,310 74,400 241,800 (61,380 (29,760) Objective Total $555,210 $516,150 abilities and Stockholders' E Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 36,270 139,500 200,880 178,560 $555,210 $39,990 186,000 161,820 128,340 $516,150 1. Net income for 2012 was $86,490. 2. Depreciation expense was $31,620 3. Cash dividends of $36,270 were declared and paid. 4. Bonds payable amounting to $46,500 were redeemed for cash $46,500 5. Common stock was issued for $39,060 cash. 6. No equipment was sold during 2012 7. Land was sold for its book value. (a) Prepare a statement of cash flows for 2012 using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g.-15,000, or in parenthesis e.g. (15,000)). PADGETT COMPANY Statement of Cash Flows For the Year Ended December 31, 2012