prepare a statement of cash flows using indirect method.

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OUESTON 1 Laguna Corporation Income Statement For the Year Ended December 31, 2010 Sales Cost of goods sold Gross margin Operating expenses (including depreciation $698,000 520,000 $178,000 expense of $37,000) Operating income Other income (expenses) 147,000 31,000 Interest expense Interest income Gain on sale of investments Loss on sale of plant assets ($23,000) 6,000 12,000 (3,000) Income before income taxes Income taxes expense Net income (8,000) $23,000 7,000 16,000 Laguna Corporation Comparative Balance Sheets December 31,2010 and 2009 2010 2009 Change Decrease Assets Current assets 46,00 1500 $31,000 Increase 47,000 144,000 110,000 1,000 5.000 400 se 238000 185,000 53,000 115.000 $127000 12.000 Decrease Cash Accounts receivable (net) 8,000) Decrease 4,000 Increase Prepaid expenses Total current assets Plant assets 715000 $5500 210,000 Increase Less accumulated depreciation Total plant assets $612000 $437,000 $175,000 5965000 $749000 216000 Total assets Current liabilities Accounts payable Accrued liabilities Income taxes Total current liabilities 50,000 $430007000 Increase ,000 Increase 2000)Decrease 12000 3,000 65,000 $ 57,000 9,000 5,000 8000 Long-term liabilities Bonds payable 295000 245,000 $0000 Increase Total liabilities Stockholders' Equity Common stock $5 par value Additional paid-in capital 276,000 $200,000 76,000 Increase 9,000Increase 14,000 115,000 140,000 132000 Retained earnings Treasury stock Total stockholders' equity Total labilities and stockholders equity 5000 $749000 $216000 8000 Increase 5605,000 $47000 158000 Additional information: Purchased investments in the amount of $78.000. Sold investments that cost $90,000 (for cash). Purchased plant assets in the amount of $120,000. r Sold the plant asset that had a cost of S10,000 and an - Issued $100.000 of bonds payable in exchange for plant r Repaid $50,000 of bonds at maturity. accumulated depreciation of $2.000. assets Prepare a Statement of Cash Flows using indirect method