Prepare Johnson's statement
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:
December 31,
2012 2011
Current Accounts:
Current assets:
Cash and cash equivalents 92,100 17,000
Accounts receivable 64,500 69,200
Inventories 87,000 80,000
Current liabilities:
Accounts payable 57,900 56,200
Income tax payable 14,400 17,100
Transaction Data for 2012:
Issuance of common stock for cash 40,000
Depreciation expense 25,000
Purchase of equipment 75,000
Acquisition of land by issuing long-term note payable 122,000
Cost basis of building sold 53,000
Payment of note payable 48,100
Payment of cash dividends 54,000
Issuance of note payable to borrow cash 67,000
Gain on sale of building 5,500
Net income 70,500
Requirement:
1. Prepare Johnson’s statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financing activities.
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