Prepare a Statement of Cash Flows for Holly Corp using the information given below: Holly Company Income Statement 2009 ** Sales Cost of Goods Sold Gross Profit Depreciation expense other operating expenses Income from Operations Gain on Sale of Land Net Income 9,000 5,400 3,600 200 2,700 700 100 800 Note: Land was sold for $600. No equipment was sold. Gain on sale of Land was $100. Dividends of $500 were declared and paid. Holly Company Comparative Balance Sheet Part IV 2009 2008 Change Assets Cash 1.045 350 (695) B C D E F G Cash Flows from Investing Activities Cash received from sale of LIT Assets Cash used for purchase of LT Assets Total Cash Flows from Investing Activities 1,000 (900) 100 Cash Flows from Financing Activities Cash received from issuing LIT Debt Cash used to retire LT Debt Cash received from sale of stock Cash used to purchase Treasury Stock Cash used to pay dividends Total Cash Flows from Financing Activities (500) 3 2 Change in Cash during 2xxx 1 Add: Beginning cash balance Ending cash balance 3 4 5 6 Holly Company Comparative Balance Sheet Part IV 2009 2008 Change 1,045 350 550 540 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Assets Cash Accts Receivable Inventory Land Plant & Equipment Accumulated Depreciation Total Assets 1,460 (695) 40 50 500 1,700 (720) 4,035 1.450 500 1,700 (520) 4,020 200 Liabilities & Equity Accounts Payable Long Term Debt Common Stock Retained Earnings Total Liability & Equity (15) 300 715 200 800 2.320 4.035 700 500 800 2020 4,020 (270)