The following 2019 information is available for Payne Company:

		Comparative Balance Sheets
		December 31, 2018		December 31, 2019
Cash		$400		$600
Accounts receivable		220		200
Inventory		370		610
Land		250		410
Equipment		2,070		2,200
Less: Accumulated depreciation		(310)		(400)
Total Assets		$3,000		$3,620
Accounts payable		$800		$500
Notes payable (long-term)		900		720
Common stock, no par		600		1,000
Retained earnings		700		1,400
Total Liabilities and Shareholders' Equity		$3,000		$3,620

Partial additional information: The net income for 2019 totaled $1,600. During 2019, the company sold, for $390, equipment that cost $390 and had a book value of $300. The company sold land for $200, resulting in a loss of $40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock.

Required:

Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.

PAYNE COMPANY Cash Flows Worksheet For Year Ended December 31, 2019

	Balances 12/31/2018	Balances 12/31/2019	Balances Change	Worksheet Entries Debit	Worksheet Entries Credit
Debits
Cash	fill in the blank 1	fill in the blank 2	fill in the blank 3	fill in the blank 4
Noncash Accounts:
Accounts receivable	fill in the blank 5	fill in the blank 6	fill in the blank 7		fill in the blank 8
Inventory	fill in the blank 9	fill in the blank 10	fill in the blank 11	fill in the blank 12
Land	fill in the blank 13	fill in the blank 14	fill in the blank 15	fill in the blank 16	fill in the blank 17
Equipment	fill in the blank 18	fill in the blank 19	fill in the blank 20	fill in the blank 21	fill in the blank 22
Totals	fill in the blank 23	fill in the blank 24	fill in the blank 25
Credits
Accumulated depreciation	fill in the blank 26	fill in the blank 27	fill in the blank 28	fill in the blank 29	fill in the blank 30
Accounts payable	fill in the blank 31	fill in the blank 32	fill in the blank 33	fill in the blank 34
Notes payable (long-term)	fill in the blank 35	fill in the blank 36	fill in the blank 37	fill in the blank 38
Common stock, no par	fill in the blank 39	fill in the blank 40	fill in the blank 41		fill in the blank 42
Retained earnings	fill in the blank 43	fill in the blank 44	fill in the blank 45	fill in the blank 46	fill in the blank 47
Totals	fill in the blank 48	fill in the blank 49	fill in the blank 50	fill in the blank 51	fill in the blank 52
Cash Flows from Operating Activities:
Accounts receivableCashNet incomeNet lossRetained earningsNet income				Net income
Add: Gain on sale of equipmentAdd: Increase in inventoryAdd: Loss on sale of landLess: Decrease in accounts receivableLess: Loss on sale of landAdd: Loss on sale of land				Add: Loss on sale of land
Add: Decrease in accounts receivableAdd: Gain on sale of equipmentAdd: Increase in inventoryLess: Decrease in accounts receivableLess: Loss on sale of landAdd: Decrease in accounts receivable				Add: Decrease in accounts receivable
Add: Depreciation expenseAdd: Gain on sale of equipmentAdd: Increase in inventoryLess: Decrease in accounts receivableLess: Depreciation expenseAdd: Depreciation expense				Add: Depreciation expense
Add: Gain on sale of equipmentAdd: Increase in inventoryLess: Decrease in accounts receivableLess: Gain on sale of equipmentLess: Loss on sale of landLess: Gain on sale of equipment					Less: Gain on sale of equipment
Add: Gain on sale of equipmentAdd: Increase in inventoryLess: Decrease in accounts receivableLess: Increase in inventoryLess: Loss on sale of landLess: Increase in inventory					Less: Increase in inventory
Add: Decrease in accounts payableAdd: Gain on sale of equipmentAdd: Increase in inventoryLess: Decrease in accounts payableLess: Decrease in accounts receivableLess: Decrease in accounts payable					Less: Decrease in accounts payable
Cash Flows From Investing Activities
Payment of dividendsPayment of noteProceeds from sale of buildingProceeds from sale of equipmentRetained earningsProceeds from sale of equipment				Proceeds from sale of equipment
Payment for purchase of landPayment of dividendsPayment of noteProceeds from sale of landRetained earningsProceeds from sale of land				Proceeds from sale of land
Payment for purchase of buildingPayment for purchase of equipmentPayment of dividendsPayment of noteRetained earningsPayment for purchase of equipment					Payment for purchase of equipment
Cash Flows From Financing Activities
Payment for purchase of equipmentPayment of accounts payablePayment of noteProceeds from sale of equipmentProceeds from sale of landPayment of note					Payment of note
Payment for purchase of equipmentPayment of dividendsProceeds from sale of equipmentProceeds from sale of landReceipt of dividendsPayment of dividends					Payment of dividends
Investing and Financing Activities Not Affecting Cash
Issuance of common stock for equipmentIssuance of common stock for landPayment for purchase of equipmentProceeds from sale of equipmentProceeds from sale of landIssuance of common stock for land				Issuance of common stock for land
Acquisition of land by issuance of common stockNotes payable issued for purchase of landPayment for purchase of equipmentProceeds from sale of equipmentProceeds from sale of landAcquisition of land by issuance of common stock					Acquisition of land by issuance of common stock
Net increase in cash