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The comparative balance sheets for Kingbird, Inc. as of December 31 are presented below. Kingbird, Inc. Comparative Balance Sheets December 31 2022 2021 Assets $
The comparative balance sheets for Kingbird, Inc. as of December 31 are presented below. Kingbird, Inc. Comparative Balance Sheets December 31 2022 2021 Assets $ 82,960 $54,900 Cash Accounts receivable 61,000 70,760 Inventory 184,769 173,240 Prepaid expenses 18,642 25,620 Land 176,900 158,600 Buildings 244,000 244,000 Accumulated depreciation-buildings (73,200) (48,800) Equipment 274,500 189,100 Accumulated depreciation-equipment (54,900) (42,700) $914,671 $824,720 Total Liabilities and Stockholders' Equity $54,571 Accounts payable $43,920 Bonds payable 366,000 366,000 Common stock, $1 par 244,000 195,200 Retained earnings 250,100 219,600 Total $914,671 $824,720 Additional information: Operating expenses include depreciation expense of $51,240 ($24,400 of depreciation expense for buildings and $26,840 for equipment). 1. 2. Land was sold for cash at book value. Cash dividends of $14,6 were paid 3. Net income for 2017 was $45,140. 4. Equipment was purchased for $112,240 cash. In addition, equipment costing $26,840 witha book value of $12,200 was sold for $9,760 cash 5. 48,800 shares of $1 par value common stock were issued in exchange for land with a fair value of $48,800. 6. Prepare a statement of cash flows for the year ended December 31,2022, using the indirect method. (Show amounts that decrease cash flow with either a - sign eg.-15,000 or in parenthesis e.g. (15,000).) Kingbird, Inc. Statement of Cash Flows Adjustments to reconcile net income to $ $
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