Problems 286 The following information is taken from the books of RAST Company for two consecutive years after usting but before closing entries. All accounts have normal balances. SCORTOR UNION 31 Dec 20XG 3 Dec 20 Couns 22.000 30.000 *76.000 67.000 Account Receivable (from customers)-net Accounts Payable (for suppliers) Accumulated Depreciation Bonds Payable 236.000 146.800 40.000 50.000 Cash 40.600 45.800 120.000 140.000 23.000 22.800 Common Stock, $25 par value Depreciation Expense Equipment Gain on Sale of Trading Securities Land 288.000 256.000 - 5.000 80.000 192.000 120.000 100.000 215.600 205.500 1.800 2.400 28.000 24.000 75.400 ? Merchandise inventory Other Operating Expenses Prepaid Rent Rent Expense Retained Eamings Salaries Expense Salaries Payable Trading Securities Additional Paid in Capital Cost of Goods Sold 260.000 256.000 24.000 28.000 56.000 60.000 40.000 60.000 957.000 797.200 Gross Profit 643.000 702.800 5.000 1.000 Impairment Loss on Trading Securities 32.000 52.000 Income Tax Expense Interest Expense 4.000 4.500 Sales 1,600.000 1,500.000 216 CHAPTER 6 Financial Statements Additional Information for the year 20X7: Land purchase TL 112.000 New equipment purchase 100.000 Old machinery: Cost 132.000 Accumulated depreciation. 112.000 Sales price 20.000 Issued common stock Paid back TL 30,000 bonds and issued new bonds. Declared and paid cash dividends. Sold trading securities that cost TL 10,000 for a gain of 5,000. Required: 1. Prepare the income statement for the year 20x7. 2. Prepare the statement of financial position at 31 December 20x7. 3. (Appendix 6) Prepare the statement of cash flows for the year 20x7