1. Net income, $70,600
2. Depreciation expense on equipment, $13,300
3. Purchased long-term investment, $17,700
4. Sold land for $36,400, including $6,700 loss
5. Acquired equipment by issuing long-term note payable, $14,200
6. Paid long-term note payable, $61,100
7. Received cash for issuance of common stock, $13,200
8. Paid cash dividends, $37,700
9. Paid short-term note payable by issuing common stock, $4,900

Requirement:

Prepare the statement of cash flows of Susan Saboda Design Studio, Inc., for the year ended June 30, 2012, using the indirect method to report operating activities. All current accounts except Notes payable, short term result from operating transactions.

P12-66A (Learning Objectives 2, 3, 4: Prepare the statement of cash flows- indirect method) comparative balance sheets of Susan Saboda Design Studio, Inc., at June 30, 2012 and 2011, and transaction data for fiscal 2012, are as follows: Susan Saboda Design Studio Comparative Balance Sheets June 30, 2012 2011 Increase (Decrease) Current assets: 1 08 6 o 7