Statement of Cash Flows-Indirect Method The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Assets Cash $300,600 Accounts receivable (net) 704,400 Inventories 918,600 Prepaid expenses 18,600 Land 990,000 Buildings 1,980,000 Accumulated depreciation-buildings (397,200) Equipment 660,600 Accumulated depreciation-equipment (133,200) Total assets $5,042,400 Accounts payable (merchandise creditors) $594,000 Income taxes payable 26,400 Bonds payable 330,000 Common stock, $20 par 320,000 Liabilities and Stockholders' Equity Dec. 31, 20Y1 $337,800 609,600 865,800 26,400 1,386,000 990,000 (366,000) 529,800 (162,000) $4,217,400 $631,200 21,600 0 180,000 eBook Print Item 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 Total liabilities and stockholders' equity $5,042,400 $4,217,400 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit 20Y2 Jan. 1 Balance Apr. 20 Realized $456,000 cash from sale ACCOUNT Buildings Date Item 2012 Jan. 1 Balance Apr. 20 Acquired for cash ACCOUNT Accumulated Depreciation-Buildings Debit 990,000 Credit 396,000 Debit 1,386,000 990,000 ACCOUNT NO. Balance Debit 990,000 1,980,000 Credit Credit ACCOUNT NO. ACCOUNT Accumulated Depreciation-Buildings Date Item 2012 Jan. 1 Balance Dec. 31 Depreciation for year Item Balance 26 Discarded, no salvage ACCOUNT Equipment Date: 2012 Jan. 1 Aug. 11 Purchased for cash ACCOUNT Accumulated Depreciation-Equipment Date Item 20Y2 Jan. 1 Balance Debit Debit 196,800 Debit Credit 31,200 Credit 66,000 Credit ACCOUNT NO. Balance. Debit ACCOUNT NO. Balance Debit Credit 366,000 397,200 Debit Credit 529,800 463,800 660,600 ACCOUNT NO. Balance Credit 162,000