Statement of Cash Flows-Indirect Method The comparative balance sheet of Coulson, Inc. at December 31, 2012 and 20Y1, is as follows: Assets Dec. 31, 20Y2 Dec. 31, 20Y1 Cash $300,600 $337,800 Accounts receivable (net) Inventories Prepaid expenses Land Buildings 704,400 609,600 918,600 865,800 18,600 26,400 990,000 1,386,000 1,980,000 990,000 Accumulated depreciation-buildings (397,200) (366,000) Equipment 660,600 529,800 Accumulated depreciation-equipment (133,200) (162,000) Total assets $5,042,400 $4,217,400 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $594,000 $631,200 Income taxes payable 26,400 21,600 Bonds payable 330,000 0 Common stock, $20 par 320,000 180,000 Paid-in capital in excess of par-common stock 950,000 810,000 Retained earnings 2,822,000 2,574,600 Totalishition and starkhaldara! with Retained earnings Total liabilities and stockholders' equity 2,822,000 $5,042,400 2,574,600 $4,217,400 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 2012 are as follows: ACCOUNT Land ACCOUNT NO. Date Item 2012 Jan. 1 Balance Apr. 20 Realized $456,000 cash from sale ACCOUNT Buildings Date 2012 Balance Debit Credit Debit Credit 1,386,000 396,000 990,000 ACCOUNT NO. Balance Item Debit Credit Debit Credit 990,000 Jan. 1 Balance Apr. 20 Acquired for cash ACCOUNT Accumulated Depreciation-Buildings Date 2012 Jan, 1 Balance Item 990,000 1,980,000 ACCOUNT NO. Balance Debit Credit Debit Credit 366.000 20Y2 Jan. 1 Balance Dec. 31 Depreciation for year ACCOUNT Equipment Date 2012 31,200 366,000 397,200 ACCOUNT NO. Balance Item Debit Credit Debit Credit Jan. 1 Balance 26 Discarded, no salvage Aug. 11 Purchased for cash ACCOUNT Accumulated Depreciation-Equipment Date 2012 Jan. 1 Balance Item 26 Equipment discarded Dec. 31 Depreciation for year ACCOUNT Bonds Payable 529,800 66,000 463,800 196,800 660,600 ACCOUNT NO. Balance Debit Credit Debit Credit 66,000 37,200 162,000 96,000 133,200 ACCOUNT NO. Balance ACCOUNT Bonds Payable ACCOUNT NO. Balance Item Debit Credit Debit Date 2012 May 1 Issued 20-year bonds ACCOUNT Common Stock, $20 par 330,000 Credit 330,000 ACCOUNT NO. Balance Item Debit Credit Debit Credit Date 2012 Jan. 1 Balance Dec. 7 Issued 7,000 shares of common. stock for $40 per share ACCOUNT Paid-in Capital in Excess of Par-Common Stock Date Item 2012 Jan. 1 Balance. Dec. 7 Issued 7,000 shares of common stock for $40 per share 180,000 140,000 320,000 ACCOUNT NO. Balance Debit Credit Debit Credit 810,000 140,000 950,000 ACCOUNT Retained Earnings Date 2012 Jan. 1 Balance Item Debit Credit Debit Dec. 31 Net income 31 Cash dividends Required: ACCOUNT NO. Balance Credit 2,574,600 326,600 79,200 2,901,200 2,822,000 Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Coulson, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: 00000 00