Accounting

Accounting

Lander Inc. had the following balance sheet at December 31, 2008:
LANDER, INC.
Balance Sheet
December 31, 2008
Cash $45,300 Accounts payable $33,800
Accounts receivable $18,900 Bonds payable $35,000
Investments $25,000 Common stock $190,000
Plant assets (net) $78,000 Retained earnings $18,400
Land $110,000

Total Assets $277,200 Total Liabilities & Equity $277,200
• During 2009 the following occurred.
1. Lander liquidated its available-for-sale investment portfolio at a loss of $6,500.
2. A tract of land was purchased for $31,000.
3. An additional $20,000 in common stock was issued at par.
4. Dividends totaling $5,000 were declared and paid to stockholders.
5. Net income for 2009 was $29,000, including $7,000 in depreciation expense.
6. Land was purchased through the issuance of $25,000 in additional bonds.
7. At December 31, 009, Cash was $72,650, Accounts Receivable was $35,250, and Accounts Payable was $32,500.
1. Prepare a statement of cash flows for the year 2009 for Lander.
2. Prepare the balance sheet as it would appear at December 31 2009

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