Lander Inc. had the following balance sheet at December 31, 2014:
LANDER, INC.
Balance Sheet
December 31, 2014
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 2015, the following events occurred:
Lander liquidated its available-for-sale investment portfolio at a loss of $6,500. A tract of land was purchased for $31,000. An additional $20,000 in common stock was issued at par. Dividends totaling $5,000 were declared and paid to stockholders. Net income for 2015 was $29,000, including $7,000 in depreciation expense. Land was purchased through the issuance of $25,000 in additional bonds. At December 31, 2015, cash was $72,650, accounts receivable was $35,250, and accounts payable was $32,500.
Prepare a statement of cash flows for the year 2015 for Lander. Prepare the balance sheet as it would appear as of December 31, 2015. Any written comments must be formatted according to the CSU-Global Guide to Writing and APA Requirements. Insert comments, as needed, using Excel's "Add a Comment" function.