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Outdoor Adventure Company's comparative balance sheet and additional data are shown below. (Click the icon to view the comparative balance sheet.) (Click the icon to view the additional data.) Requirement Prepare the statement of cash flows for the year ended December 31, 2019, using the indirect method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Data Table Outdoor Adventure Company Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash $ 1,305, 140 $ 8,450 34,000 0 Short-term Investments, net Accounts Receivable, net 1,800 6,400 Merchandise Inventory 900 0 Office Supplies 90 300 Prepaid Rent 0 3,400 Property, Plant, and Equipment: Land 1,095,000 95,000 Building 836,000 361,000 Canoes 14,400 14,400 Office Furniture and Equipment 0 110,000 (36,600) Accumulated DepreciationPP&E (1,620) $ 3,360,730 $ 487,330 Total Assets Liabilities Current Liabilities: 6,910 $ 4,620 Accounts Payable Utilities Payable 590 290 Telephone Payable 950 350 Wages Payable 3,500 1,200 Notes Payable 24,000 0 Interest Payable 460 60 Unearned Revenue 600 250 Long-Term Liabilities: 7,680 7,680 Notes Payable Mortgage Payable Bonds Payable 360,000 0 0 800,000 (840) 0 Discount on Bonds Payable Total Liabilities 1,203,850 14,450 Stockholders' Equity Paid-In Capital: Preferred Stock 600,000 0 400,000 0 Paid-In Capital in Excess of ParPreferred Common Stock 610,000 470,000 Paid-In Capital in Excess of ParCommon 0 140,000 406,880 Retained Earnings 2,880 Total Stockholders' Equity 2,156,880 472,880 $ 3,360,730 $ 487,330 Total Liabilities and Stockholders' Equity 1. The income statement for 2019 included the following items: a. Net income, $444,000 b. Depreciation expense for the year, $34,980. c. Amortization on the bonds payable, $280. 2. There were no disposals of property, plant and equipment during the year. All acquisitions of PP&E were for cash except the land, which was acquired by issuing preferred stock. 3. The company issued bonds payable with a face value of $800,000, receiving cash of $798,880. 4. The company distributed 1,000 shares of common stock in a stock dividend when the market value was $5.00 per share. All other dividends were paid in cash. 5. The common stock, except for the stock dividend, was issued for cash. 6. The cash receipt from the notes payable in 2019 is considered a financing activity because it does not relate to operations. Outdoor Adventure Company Statement of Cash Flows Year Ended December 31, 2019 Cash Flows From Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities
