Statement of Cash Flows-Indirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment $577,250 623,350 479,120 733,110 21,940 300,170 565,710 (259,760) (242,450) 285,740 (99,860) $3,008,620 $2,666,830 525,300 796,600 18,470 198,570 917,830 323,260 (88,900) Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Bonds payable Common stock, $20 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $571,640 168,480 197,000 475,000 1,596,500 $ 603,230 73,000 351,000 1,639,600 $2,666,830 Total liabilities and stockholders' equity $3,008,620 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO Balance Date Item Debit Credit Debit Credit 20Y2 Jan. 1 Balance 300,170 101,600 198,570 Apr. Realized $94,500 cash from 20 sale