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e. Think and Communicate Required information The following in mano lies to the questions played below) The following financial statements and information are available for Frankdin Industries Inc. Balance Sheets As of December 31 Year 3 Year 2 $ 161,300 104,300 187,300 289,500 666,200 (308,00) 81, 1,180,70 $ 121,400 , 172.500 220,9 491,300 (238.600) 119,00 972,700 Assets Cash Accounts receivable Inventory Marketable securities (available for sale) Equipment Accumulated depreciation Land Total assets Liabilities and equity Liabilities Accounts payable (Inventory) Notes payable-Long-term Bonds payable Total liabilities Stockholders' equity Common stock, no par Preferred stock, $50 par Paid-in capital in excess of par Preferred stock Total paid-In capital Retained earnings Less: Treasury stock Total stockholders' equity Total liabilities and stockholders' equity 37.See 229,900 202,480 469), DE $ 67,100 251,260 101200 419.5e 241, ene 111,480 35,500 387, 9e 362,600 89.000 710,20 $1,180,00 201,200 91,480 29,50 322,100 380,700 (69,680) 553 200 972,700 $1,051,000 (767400) 283,600 Income Statement For the Year Ended December 31, Year 3 Sales revenue Cost of goods sold Gross profit Operating expenses Supplies expense $21,500 Salaries expense 93,180 Depreciation expense 91, 100 Total operating expenses Operating income Nonoperating items Interest expense Gain from the sale of marketable securities Gain from the sale of land and equipment Net income (205, 2003 77,00 (15,300) 32,200 15,300 $ 118,100 Additional Information 1. Sold and that cost $38.300 for $42.300 2. Sold equipment that cost $29.000 and had accumulated depreciation of $21,000 for $19,300 3. Purchased new equipment for $203.900 4. Sold marketable securities that were classified as available for sale and that cost $42.800 for $75,000 5. Purchased new marketable securities, classified as available for sale for $11.400, 6. Paid $21,300 on the principal of the long-term note. 7. Faid off a $101.200 bond issue and issued new bonds for $202.400 8. Sold 100 shares of treasury stock at its cost 9. Issued some new common stock 10. Issued some new $50 por preferred stock. 11. Poid dividends (Note: The only transactions to affect retained earnings were net income and dividends. LIDL COSTOSA 2 Sold equipment that cost $29.000 and had accumulated decreciation of $21,000 for $19.300. 3. Purchased new equipment for $203.900 4. Sold marketable securities that were desified as available for sale and that cost $42.800 for $75,000. 5. Purchased new marketable securities, classified as available for sale for $11.400 6. Paid $21,300 on the principal of the long term not 7. Paid off a $101,200 bond issue and issued new bands for $202,400 8Sold 100 shares of treasury stock etiscos 9. Issued some new common stock 10. ssued some new $50 por preferred stock M. Paid dividends. (No The only connections to affected earnings were not income and dividends) a. Prepare the statement of cash flows for Franklin industnes using direct method. (Amounts to be deducted and cash outflows should be indicated by a minus sign) FRANKLI For the Year End Cashows from operating activities: Cash Recipes from $ 0 Totalcash Wows Cash payment for Inventory purchase Toth outlows Cashflows from nating activities Proceeds from all of land Proceeds from dement Proceeds from of marketable source cash outflow from investing activities Cashows from financing advies Proceeds from bondse Payment of dividende Proces from common stock Proceeds from preferred to issue Proceeds from of treasury stock De cash flow from financing activities Ending cash balance S 0 Gain from the sale of marketable securities Gain from the sale of land and equipsent Net income Additional Information 1. Sold land that cost $38,300 for $42.300. 2 Sold equipment that cost $29,000 and had accumulated depreciatio 3. Purchased new equipment for $203,900. 4. Sold marketable securities that were classified as available-for-sale a 5. Purchased new marketable securities, classified as available-for-sale 6. Paid $21,300 on the principal of the long-term note. 7. Paid off a $101,200 bond issue and issued new bonds for $202,400. 8. Sold 100 shares of treasury stock at its cost. 9. Issued some new common stock 10. Issued some new $50 por preferred stock. 11. Paid dividends. (Note: The only transactions to affect retained eamin b-1. What is the cost per share of the treasury stock? b-2 What was the issue price per shore of the preferred stock? b-3. What was the book value of the equipment sold? b-1. b-2. Cost per share of the treasury stock Issue price of the preferred stack Book value of equipment per share -3