P12-41A The comparative balance sheet of Northern Movie Theatre Company at March 31, 2014, reported the following: LEARNING OBJECTIVE Prepare the statement of cash flows-indirect method March 31, 2014 2013 Current assets: Cash and cash equivalents .... Accounts receivable ............ Inventories ................ Prepaid expenses ........ Current liabilities: Accounts payable... Accrued liabilities .......... Income tax payable... $ 9,900 14,900 63,200 1,900 $14,000 21,700 60,600 1,700 30,300 10,700 8,000 27,600 11,100 4,700 Northern's transactions during the year ended March 31, 2014, included the following: Acquisition of land by issuing note payable. .................. $101,000 Payment of cash dividend.. 30,000 Cash purchase of equipment .............. 78,700 Issuance of long-term note pavable to borrow cash................... 50,000 Sale of long-term investment ............ $13,700 Depreciation expense.. ...................... 17,300 Cash purchase of building................. 47,000 Net income.................. 50,000 Issuance of common shares for cash ... 11,000 Stock dividend ......................... 18,000