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Here are comparative balance sheets for Vanity Company. Prepare a statement of cash flows for 2014 using the indirect method.
Vanity Company Comparative Balance Sheets December 31
Assets
2014
2013
Cash
$ 63,000
$ 22,000
Accounts receivable
85,000
76,000
Inventory
170,000
189,000
Land
75,000
100,000
Equipment
270,000
200,000
Accumulated depreciation-equipment
(66,000)
(32,000)
Total
$597,000
$555,000
Liabilities and Stockholders' Equity
Accounts payable
$ 39,000
$ 47,000
Bonds payable
150,000
Common stock ($1 par)
216,000
174,000
Retained earnings
192,000
134,000
Additional information:
1. Net income for 2014 was $93,000.
2. Cash dividends of $35,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2014, but land was sold at cost.
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