The comparative balance sheets and income statements for Sant Company foliow. Balance Sheets At of December 31 Assets Year Year Cash accounts receivable 5 23. 52.66 Inventory 2,16 Eoint 6,555 5.345 Accumulated depreciations 29,754 Land (7.920 (15,764) 15.2 11. Totalt $ 3.tes 54.36 Liabilities and equity Accounts temory) Long-tere det 2.04 osas Con stock 22.10 11, tutind caring 34.972 24,37 Totalities and cotty 1 02.03 $45.36 1.100 The Statement For the trees. Year Sales 5 38.5 Cost of goods solo Bros

& 7 B 9 0 E R T T Y U 1 O D F G HJK 6 6 7 B 9 E R Y U 1 0 P D F G K L C V B N M 5 0 Cathostom Gshow from Bit Soch o S 4 96 5 3 6 7 B E R Y Y U 1 F F G H K M X c U V B N . It The comparative balance sheets and income statements for Stuart Company follow: Balance Sheets As of December 31 Year 2 Year 1 Assets Cash Accounts receivable Inventory Equipment Accumulated depreciation-equipment Land Total assets Liabilities and equity Accounts payable (inventory) Long-term debt Common stock Retained earnings Total liabilities and equity $ 23,840 2,167 6,555 19,754 (7,920) 18,207 $ 62,603 $ 2,668 1,300 6,145 40,944 (15,764) 11,067 $ 46,360 $ 2,685 2,846 22,100 34,972 $ 62,603 $ 4,338 6,505 11,000 24,517 $ 46,360 Income Statement For the Year Ended December 31, Year 2 Sales revenue $ 38,940 Cost of goods sold (15,434) Grnce margin 22 506 Total liabilities and equity $ 62,683 $ 46,360 Income Statement For the Year Ended December 31, Year 2 Sales revenue $ 38,940 Cost of goods sold (15,434) Gross margin 23,506 Depreciation expense (3,186) Operating income 20,320 Gain on sale of equipment 65e Loss on disposal of land (60) Net income $ 20,910 Additional Data 1. During Year 2, the company sold equipment for $18,120; it had originally cost $28,500 Accumulated depreciation or equipment was $11,030 at the time of the sale. Also, the company purchased equipment for $7,310 cash 2. The company sold land that had cost $3,960. This land was sold for $3,900, resulting in the recognition of a $60 los Also, common stock was issued in exchange for title to land that was valued at $11,100 at the time of exchange. 3. Paid dividends of $10,455, Required Prepare a statement of cash flows using the indirect method. (Amounts to be deducted and cash outflows should be indicated by a minus sign.) STUART COMPANY 1. During Year 2, the company sold equipment for $18,120; it had originally cost $28,500. Accumulated de equipment was $11,030 at the time of the sale. Also, the company purchased equipment for $7,310 casi 2. The company sold land that had cost $3,960. This land was sold for $3,900, resulting in the recognition Also, common stock was issued in exchange for title to land that was valued at $11,100 at the time of exc 3. Paid dividends of $10,455. Required Prepare a statement of cash flows using the indirect method. (Amounts to be deducted and cash outflows indicated by a minus sign.) STUART COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: or increase/Decrease in current accote and Net income Net loss Plus: Noncash charges