Reference no: EM133016309
Question - Grant Wood Corporation's Balance Sheet at the end of 2006 included the following items: Details $ Details $ Current Assets 235,000 Current Liabilities 150,000 Land 30,000 Bonds Payable 100,000 Building 120,000 Common Stock 180,000 Equipment 90,000 Retained Earnings 44,000 Accumulated Depreciation-Building (30,000) Accumulated Depreciation-Equipment (11,000) Patents 40,000 Total 474,000 Total 474,000 Additional Information is available for 2007:
1. Net income was $55,000.
2. Equipment (cost $20,000 and accumulated depreciation $8,000) was sold for $10,000.
3. Depreciation expense was $4,000 on the building and $9,000 on equipment.
4. Patent amortization was $2,500.
5. Current assets other than cash increased by $29,000. Current liabilities increased by $13,000.
6. An addition to the building was completed at a cost of $27,000.
7. A long-term investment in stock was purchased for $16,000.
8. Bonds payable of $50,000 were issued.
9. Cash dividends of $30,000 were declared and paid.
10. Treasury stock was purchased at a cost of $11,000.
Requirement - Prepare Statement of Cash Flows for the year ended 2007.
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