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"BONUS MODULE II TEST: PREPARE A STATEMENT OF CASH FLOW-INDIRECT METHOD The comparative balance sheets for Vanco Company as of December 31 are presented below +10 points VANCO COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Prepaid expenses Land Equipment Accumulated depreciation--equipment Buildings 2012 68,00045,000 1310Go 011 50,000 151,450 15,280 142.000 21,000 -145,000 225,000 155,000 (45,000) (35,000 o 200,000 Accumulated depreciation--buildings Total 160,000) (40,00) $ 749,730 676,000 s 44,730 36,000 120 Accounts payable Bonds payable Common stock, $1 par Retained earnings Total 300,000 200,000 300,000 160,000 01002 205,000 180,0001 5oo $ 749,730 676,000 1. Operating expenses include depreciation expense of $42,000. 2. Land was sold for cash at book value. 3. Cash dividends of $12,000 were paid. 4. Net income for 2012 was $37,000. 5. Equipment was puchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash. 6. 40,000 Instructions Prepare a statement of cash flows (with a proper heading) for the year ended December 31, 2012, using the shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000 NOt C0Sh indirect method