Land The comparative balance sheet of Whitman Co. at December 31, 2012 and 2041, is as follows: Dec. 31, Dec. 31. 2012 2011 Assets Cash $ $ 662,410 $ 715,950 Accounts receivable (net) () 602,790 549,800 Inventories 914,130 841,260 Prepaid expenses 21,200 25,170 227,870 344,450 Buildings 1,053,230 649,160 Accumulated depreciation-buildings (298,080) (278,210) Equipment 370,950 327,890 Accumulated depreciation-equipment (102,010) (114,600) Total assets $3,452,490 $3,060,870 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 655,970 $ 692,220 Bonds payable 193,340 0 Common stock, $20 par 226,000 84,000 Excess of paid-in capital over par 545,000 403,000 Retained earnings 1,832,180 1,881,650 Total liabilities and stockholders' equity ' $3,452,490 $3,060,870 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 344,450 Apr. 20 Realized $108,400 cash from sale 116,5801 227,870 ACCOUNT Buildings ACCOUNT NO. Balance Debit Date Item Debit Credit Credit 2012 Jan. 1 Balance 649,160 Apr. 20Acquired for cash 404,070 1,053,230 ACCOUNT Accumulated Depreciation-Buildings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance 278,210 298,080 Dec 31 Depreciation for year 19,870 ACCOUNT Equipment ACCOUNT NO. . Balance Date Item Debit Credit Debit Credit 2012 327.890 Jan. 1 Balance Jan. 26 Discarded, no salvage Aug. 11 Purchased for cash 36,1001 291,790 370,950 79,1601 ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Credit Date Item Debit Credit Debit 2012 Jan. 1 Balance 114,600 Jan. 26 Equipment discarded 36,100 78,500 ACCOUNT Accumulated Depreciation Equipment ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 114,600 2012 Jan. 1 Balance Jan. 26 Equipment discarded Dec 31 Depreciation for year 36,100 78.500 23,510 102,010 ACCOUNT Bonds Payable ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 May 1 Issued 20-year bonds 193,340 193.340 ACCOUNT Common Stock, s20 par ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Dec. 7 issued 7,100 shares of common stock for $40 per share __ 84,000 226,000 142.000|| ACCOUNT Paid-in Capital in Excess of Par-Common Stock ACCOUNT NO. Balance Debit Credit Date Item Debit Credit 2012 Jan. 1 Balance Dec. 7 issued 7,100 shares of common stock for $40 per share 403,000 545,000 142,000 ACCOUNT Retained Earnings ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 2012 Jan. 1 Balance Dec. 31 Net loss Dec. 31 cash dividends Required: 23,820 25,650 1,881,650 1,857,830 1,832,180 Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sign to indicate cash out Whitman Co. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from (used for) operating activities: Net loss -23,820 Adjustments to reconcile net loss to net cash flows from (used for) operating activities: Depreciation 43.30 -52,990 -72,870 3,970 -36,250 - 13 580 x Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Decrease in prepaid expenses Decrease in accounts payable Net cash flows used for operating activities Cash flows from (used for) investing activities: Cash received from sale of land Cash paid for acquisition of building Cash paid for purchase of equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: ) Cash received from issuing bonds payable Cash paid for issuance of common stock HRH BPE -79,160 x -404,070 116,580 x -366,650 x 193,340 284,000 X Cash dividends -25,650 451.690 Net cash flows from inancing activities Net Increase in cashX -53,540 Cash balance, January 1, 2012 715,950 Cash balance, December 31, 2012 662,410 tech