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Current Attempt in Progress Sunland Company issued $332,000 of 5%, 10-year bonds on January 1, 2022, at face value. Interest is payable annually on January 1, 2023. (a) Prepare the journal entry to record the redemption of bonds at maturity, assuming interest for the last interest period has been paid and recorded. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Jan. 1, 2032 Account Titles and Explanation Debit Credit Sunland, Inc. reported net income of $3.00 million in 2022. Depreciation for the year was $192,000, accounts receivable decreased $420,000, and accounts payable decreased $336,000. Compute net cash provided by operating activities using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) Sunland, Inc. Statement of Cash Flows-Indirect Approach + Adjustments to reconcile net income to Adjustments to reconcile net income to + ON $ $ SP Photography reported net income of $109,000 for 2022. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $3,900, and a gain on disposal of plant assets of $3,800. SP's comparative balance sheets show the following balances. Accounts receivable Accounts payable 12/31/22 $22,000 9,300 12/31/21 $28,700 5,400 Calculate net cash provided by operating activities for SP Photography using the indirect[method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SP Photography Statement of Cash Flows # $ Adjustments to reconcile net income to + + $ Condensed financial data of Sunland Inc. follow. Assets Cash Accounts receivable SUNLAND INC. Comparative Balance Sheets December 31 Inventory Prepaid expenses Long-term investments Plant assets Accumulated depreciation Total 2022 $105,900 92,700 112,800 29,200 139,400 274,500 (46,800) $707,700 2021 $47,000 33/100 101,000 25,500 114,200 241,400 (52,400) $509,800 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock Retained earnings Total $111,900 16,000 117,200 219,100 243,500 $707,700 $67,800 17,300 149,500 175,300 99,900 $509800 Sales revenue Less: SUNLAND INC. Income Statement For the Year Ended December 31, 2022 Cost of goods sold Operating expenses, excluding depreciation Depreciation expense Income tax expense Interest expense Loss on disposal of plant assets Net income $136,000 11,700 32,300 27,600 4,000 7,500 $392,600 219,100 $173,500 Additional information: 1. 2. 3. 4. 5. 6. New plant assets costing $81,000 were purchased for cash during the year. Old plant assets having an original cost of $47,900 and accumulated depreciation of $37,900 were sold for $2,500 cash. Bonds payable matured and were paid off at face value for cash. A cash dividend of $29,900 was declared and paid during the year. Common stock was issued at par for cash. There were no significant noncash transactions. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND INC. Statement of Cash Flows Adjustments to reconcile net income to + + + $ $ + >> $ The comparative balance sheets for Sunland Company as of December 31 are as follows. Assets Cash Accounts receivable Inventory Prepaid expenses Land SUNLAND COMPANY Comparative Balance Sheets December 31 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Total 2022 $58,100 43,500 152,000 14,500 146,600 196,700 (56,800) 231,700 (44,300) $742,000 2021 $49,600 65.100 144,500 22,500 134,000 196,700 (32,600) 157,600 (35,200) $702.200 Total Additional information: 1. 2. 3. 4. 5. $742,000 Land was sold for cash at book value. $702,200 Operating expenses include depreciation expense of $42,000 ($24,200 of depreciation expense for buildings and $17,800 for equipment). Cash dividends of $45,200 were declared and paid. Net income for 2022 was $45,400. Equipment was purchased for $95,600 cash. In addition, equipment costing $21,500 with a book value of $12,800 was sold for $5,100 cash. 6. 32,600 shares of $1 par value common stock were issued in exchange for land with a fair value of $32,600. Prepare a statement of cash flows for the year ended December 31, 2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) SUNLAND COMPANY Statement of Cash Flows Adjustments to reconcile net income to + $ + $ I + + + + # # # # + O $
