Statement of Cash Flows in the Indirect Method using Good Form.

Dulang Industries Comparative Balance Sheet December 31, 2019 and 2018 31-Dec-19 31-Dec-181 Difference Additional information: : Assets Cash Accounts receivable Inventories 464,100 163,200 395,000 395,800 145,700 367,900 120,000 Investments Land Equipment Accumulated depreciation 160,000 695,500 (194,000) 1,683,800 575,500 (168,000) 1,436,900 a. Equipment and land were acquired for cash There were no disposals of equipment during the year The investments were sold for $132,000 cash d. Common stock was issued for cash e. There was a $56,000 debit to retained earnings for cash dividends declared Liabilities and Stockholders Equity Accounts payable Salaries payable Dividends payable Common stock, $1 par Paid in capital in excess of par, common stock Retained earnings 228,700 16,500 14,000 75,000 265,000 210,500 21,400 10,000 60,000 175,000 960,000 1,436,900 1,084,600 1,683,800 Dulang Industries Income Statement Year Ended December 31, 2019 1,580,500 957,300 623,200 26,000 329,400 Sales Cost of goods sold Gross Profit Operating expenses Depreciation expense Other operating expenses Total operating expenses Operating income Other income: Gain on sale of investments Income before income tax Income tax expense Net income 355,400 267,800 12,000 279,800 99,200 180,600