The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows: Assets Dec. 31, 20Y2 Dec. 31, 20Y1 Cash Accounts receivable (net) $300,600 $337,800 704,400 609,600 Inventories Prepaid expenses Land Buildings Accumulated depreciation-buildings 918,600 865,800 18,600 26,400 990,000 1,386,000 1,980,000 990,000 (397,200) (366,000) Equipment Accumulated depreciation-equipment Total assets 660,600 529,800 (133,200) (162,000) $5,042,400 $4,217,400 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $594,000 Income taxes payable Bonds payable Common stock, $20 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity 21,600 330,000 0 320,000 180,000 950,000 810,000 2,822,000 2,574,600 $5,042,400 $4,217,400 26,400 $631,200 The noncurrent asset, noncurrent liability, and stockholders' equity accounts for 20Y2 are as follows: ACCOUNT Land ACCOUNT NO. Balance Item Debit Credit Debit Date 20Y2 Jan. 1 Balance Apr. 20 Realized $456,000 cash from sale ACCOUNT Buildings Date 20Y2 1,386,000 396,000 990,000 Credit ACCOUNT NO. Balance Item Debit Credit Debit Credit 990,000 Jan. 1 Balance Apr. 20 Acquired for cash ACCOUNT Accumulated Depreciation-Buildings Date 20Y2 Item Jan. 1 Balance Dec. 31 Depreciation for year ACCOUNT Equipment Date 2012 990,000 1,980,000 ACCOUNT NO. Balance Debit Credit Debit Credit 31,200 366,000 397,200 ACCOUNT NO. Balance Item Debit Credit Debit Credit Jan. 1 Balance 529,800 26 Discarded, no salvage 66,000 463,800 Aug. 11 Purchased for cash 196,800 660,600 ACCOUNT Accumulated Depreciation-Equipment Date 20Y2 Jan. 1 Balance Item 26 Equipment discarded Dec. 31 Depreciation for year ACCOUNT Bonds Payable Date ACCOUNT NO. Balance Debit Credit Debit 66,000 37,200 Credit 162,000 96,000 133,200 ACCOUNT NO. Balance Item Debit Credit Debit Credit 20Y2 May 1 Issued 20-year bonds ACCOUNT Common Stock, $20 par 330,000 330,000 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 2012 Jan. 1 Balance Item 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 20Y2 Item Debit Credit Debit ACCOUNT NO. Balance Credit Jan. 1 Balance 2,574,600 Dec. 31 Net income 326,600 2,901,200 31 Cash dividends 79,200 2,822,000 Required: Required 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 cursent operating assets and labiles: Net cash flow from operating activities Cash flows from (used for) investing activities Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash balance, January 1, 2012 Cash balance, December 31, 2012 1000000 0000000 1 0 0 0000 Previ