Problem 1: Statement of Cash Flows

Blue Hens Inc. had the following balance sheet at December 31, 2021.

Blue Hens Inc.
Balance Sheet
December 31, 2021
ASSETS
Current Assets
Cash		$40,000
Investments, trading		64,000
Accounts Receivable		42,000
Total Current Assets		$146,000
Property, plant, and equipment
Land		80,000
Equipment	186,000
Less: Accumulated Depreciation	-24,000	162,000
Total property, plant, and equipment		242,000
Total assets		388,000
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Accounts Payable		$60,000
Total Current Liabilities		60,000
Bonds payable		82,000
Total Liabilities		142,000
Stockholders' Equity
Common Stock		200,000
Retained Earnings		46,000
Total Stockholders' Equity		246,000
Total Liabilities & Stockholders' Equity		388,000

Problem 1 (continued)

During 2022, the following occurred.

Blue Hens Inc. purchased two parcels of land. It paid $76,000 in cash for one parcel of land and $60,000 in bonds for the second parcel of land.

Blue Hens Inc. sold its trading investments for $54,000 in cash, which resulted in a $10,000 loss that is included in net income.

Net income for 2022 was $70,000.

Dividends of $20,000 were declared and paid.

Equipment had depreciation expense of $24,000, which is included in net income.

Blue Hens Inc. issued $60,000 in common stock at par value.

At December 31, 2022, Blue Hens Inc. had the following balances:

Cash $140,000

Accounts Receivable $84,000

Accounts Payable $80,000

Prepare a statement of cash flows for the year ended December 31, 2022 in good form.