Debit Credit Cash $ 105600 Accounts receivable $ 64,000Allowance for doubtful accounts 14,000Inventory 217,200Prepaid expenses 20,000Long-term investments 144,000Land 300,000Buildings 600,000Machinery 100,000Office equipment 28,000Accumulated depreciation:Buildings 24,000Machinery 20,000Office equipment 12,000Accounts payable 183,200Accrued liabilities 72,000Dividends payable 128,000Premium on bonds 32,000Bonds payable 800,000Preferred stock ($50 par) 80,000Common stock ($10 par) 156,000Additional paid-in capital?common 223,200Retained earnings 87,200 Additional information:1. Net income $140,0002. Cash dividends of $128,000 were declared December 15, 2011, payable January 15, 2012. A 5% stock dividend was issued March 31, 2011, when the market value was $22.00 per share.3. The long-term investments were sold for $140,000.4. A building and land which cost $460,000 and had a book value of $280,000 were sold for $400,000. The cost of the land, included in the cost and book value above, was $20,000.5. The following entry was made to record an exchange of an old machine for a new one:Machinery 160,000Accumulated Depreciation?Machinery 40,000Machinery 60,000Cash 140,0006. A fully depreciated copier machine which cost $28,000 was written off.7. Preferred stock of $60,000 par value was redeemed for $60,000.Problem 1 Continued8. The company sold 12,000 shares of its common stock ($10 par) on June 15, 2011 for $25 a share. There were 87,600 shares outstanding on December 31, 2011.9. Bonds were sold for $832,000 on December 31, 2011.10. Insurance proceeds of $108,000 were received for land that was condemned with a book value of $240,000.Prepare statement of cash flows (indirect Method). Ignore tax effects."
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