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P12.9A (LO 2), AP Condensed financial data of Granger Inc. follow. Prepare a statement of cash flows-indirect method. 2021 Granger Inc. Comparative Balance Sheets December
P12.9A (LO 2), AP Condensed financial data of Granger Inc. follow. Prepare a statement of cash flows-indirect method. 2021 Granger Inc. Comparative Balance Sheets December 31 Assets 2022 Cash $ 80,800 Accounts receivable 87,800 Inventory 112,500 Prepaid expenses 28,400 Long-term investments 138,000 Plant assets 285,000 Accumulated depreciation (50,000) Total $682,500 Liabilities and Stockholders' Equity Accounts payable $102,000 Accrued expenses payable 16,500 Bonds payable 110,000 Common stock 220,000 Retained earnings 234.000 Total $682,500 $ 48,400 38,000 102,850 26,000 109,000 242,500 (52,000) $514,750 $ 67,300 21,000 146,000 175,000 105,450 $514,750 $388,460 Granger Ine. Income Statement Data For the Year Ended December 31, 2022 Sales revenue Less: Cost of goods sold $135,460 Operating expenses, excluding depreciation 12,410 Depreciation expense 46,500 Income tax expense 27,280 Interest expense 4,730 Loss on disposal of plant assets 7.500 Net income 233,880 $154,580 Net income Additional information: 1. New plant assets costing $100,000 were purchased for cash during the year. 2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 3. Bonds payable matured and were paid off at face value for cash. 4. A cash dividend of $26,030 was declared and paid during the year
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