Shenandoah Corporation

Balance Sheet Balances

As of December $31$

$20222021$ in Balances

ASSETS:

Current Assets:

Cash $$38,500$ $$13,000$ $$25,500$

Accounts receivable, net of AFDA $9,2505,5003,750$

Inventory $12,0009,0003,000$

Investments $03,000(3,000)$

Total Current Assets $59,75030,50029,250$

Long$-$Term Assets:

Building $029,750(29,750)$

Accumulated depreciation, Building $-(6,000)6,000$

Equipment $40,00020,00020,000$

Accumulated depreciation, Equipment $(2,000)(4,500)2,500$

Patent, net of amortization $5,0006,250(1,250)$

Total Long$-$Term Assets $43,00045,500(2,500)$

TOTAL ASSETS $$102,750$ $$76,000$ $$26,750$

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts payable $5,0003,0002,000$

Dividends payable $05,000(5,000)$

Notes payable, short$-$term $($non$-$trade$)3,0004,000(1,000)$

Total Current Liabilities $8,00012,000(4,000)$

Long$-$Term Liabilities:

Long$-$term notes payable $31,00025,0006,000$

Stockholders' Equity:

Common stock $43,00033,00010,000$

Retained earnings $20,7506,00014,750$

Total Stockholders' Equity $63,75039,00024,750$

TOTAL LIABILITIES & SHE $ $102,750$ $ $76,000$ $$26,750$

Additional Information:

Equipment that was acquired at an $$11,000$ cost and was $30\%$ depreciated at time of disposal

was sold for $$2,500.$

$$10,000$ of the long$-$term note payable was paid by issuing common stock.

Cash dividends paid were $$5,000.$

On January $1,2022,$ the building was completely destroyed by a flood. The company received

$$32,000$ of insurance proceeds.

Available$-$for$-$sale investments were sold at $$3,700$ above their cost.

Equipment was purchased for $$15,000$ cash.

Equipment was purchased by issuing a $$16,000$ long$-$term note.

REQUIRED:

Using the comparative balance sheets and additional information above, prepare a

Statement of Cash Flows using the indirect method.