Use the Courtland Corp. financial statements and supplementary information given below to prepare a statement of cash flows for the year ended Decem method Additional Information: a. Purchased machinery for $34,000 cash. b. Sold the long-term investment on January 1, 2014 for $43,000. c. Sold machinery for $16,000 cash that had originally cost $62,000 and had $37,000 of accumulated depreciation. d. Issued $57,000 of bonds payable at face value. e. The short-term investment is a treasury bill that was purchased with maturity in 90 days. (select one) Statement of Cash Flows (select one) Cash flows from operating activities Adjust to reconcile net income to cash provided by oper. act.: Courtland Corp. Comparative Balance Sheet Information December 31 Assets 2014 2013 Cash 345,800 180,000 Short-term investments 179,000 174,000 Accounts receivable 9,200 23,000 Merchandise inventory. 49,400 109,000 Long term investment 0 28,000 Machinery 212,000 240,000 Accumulated depreciation (97,000) (100,000) Total assets 698,400 654,000 Cash flows from investing activities Cash flows from financing activities Liabilities and Equity Accounts payable. Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity. 29,400 42,000 57,000 363,000 207.000 698,400 53,000 45,000 0 363,000 193,000 654,000 Net increase (decrease) in cash Cash at beginning of year Cash at end of year. Short-term investments Accounts receivable Merchandise inventory.. Long term investment Machinery. Accumulated depreciation Total assets 179,000 174,000 9,200 23,000 49,400 109,000 0 28,000 212,000 240,000 (97,000) (100,000) 698,400 654,000 Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity. 29,400 42,000 57,000 363,000 207,000 698,400 53,000 45,000 0 363,000 193,000 654,000 Courtland Corp. Income Statement For Year Ended December 31, 2014 Sales 810,000 Cost Of Goods Sold. 740,000 Depreciation expense. 34,000 Other expenses 28,000 (802,000) Gain on sale of long-term investment 15,000 Loss on sale of machinery... (9,000) Net income 14,000 Question 2 [25 points] Ovlex Corporation was authorized to issue 400.000 $2.00 preferred HL