TEXAS CORPORATION
Comparative Statements of Financial Position December 31
	2,014	2,013
Cash	43,000	24,000
Accounts Receivable, net	35,000	38,000
Inventory	114,000	82,000
Land	120,000	190,000
Building	200,000	200,000
Accumulated Depreciation	-50,000	-40,000
Equipment	1,030,000	600,000
Accumulated Depreciation	-118,000	-94,000
	1,374,000	1,000,000
Accounts Payable (merch only)	115,000	100,000
Salaries Payable	20,000	0
4% Bonds Payable	300,000	0
Common Shares	750,000	750,000
Retained Earnings	189,000	150,000
	1,374,000	1,000,000
TEXAS CORPORATION
Income Statement for year end Dec 31, 2014
Sales		1,075,000
Cost of Goods Sold		640,000
Depreciation Expense		94,000
Salaries Expense		140,000
Rent Expense		72,000
Other Operating Expenses Inc Bond Interest		14,000
Net Loss on sale of assets		10,000
Income Taxes expense		21,000
Net Income		84,000

Additional Data:

1. The bonds were sold at par on July 1, 2014.

2. Cash dividends were paid.

3. Land was sold for $80,000.

4. Old equipment was sold for $70,000. This equipment had cost $150,000 and had accumulated depreciation of $60,000 to date of sale. New equipment was purchased to replace it.

Instructions

Prepare a statement of cash flows for calendar 2014, using the direct method.