METRO COMPANY Comparative Balance Sheet Dec 31 2011 2010 Assets Cash Accounts receivable Inventories Prepaid expenses Investments Plant assets Accumulated depreciation Total $41,000 $23.000 26.000 34,000 25.000 15.000 7,500 7,500 2.500 2.500 50,000 78,000 -20.000 -24.000 $132.000 $136.000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Paid in Capital in Excess of Par Retained earnings Total $15,000 $23,000 13,000 8,000 7,000 33,000 41.000 24.000 10,000 10,000 46.000 38.000 $132.000 $136.000 $360.000l METRO COMPANY Income Statement For the Year Ended December 31, 2011 Sales Less: Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Income taxes Interest expense Net income $280,000 24.000 12.000 12.000 4.000 332.000 $28.000 Additional information: Old plant assets costing $28,000 were sold for $12,000 cash when book value was $12.000 Prepare a Statement of Cash Flows for Metro using the indirect method