The comparative balance sheet of Coulson, Inc. at December 31, 20Y2 and 20Y1, is as follows:

The noncurrent asset, noncurrent liability, and stockholders’ equity accounts for 20Y2 are as follows:

Instructions

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

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Dec. 31, 20Y2 Dec. 31, 20Y1 Assets $ 300,600 $ 337,800 609,600 Cash ..... Accounts receivable (net) 704,400 Inventories 918,600 865,800 Prepaid expenses 18,600 990,000 26,400 Land .... 1,386,000 Buildings . Accumulated depreciation-buildings. Equipment ... Accumulated depreciation-equipment Total assets 1,980,000 990,000 (397,200) (366,000) 660,600 529,800 (133,200) $5,042,400 (162,000) $4,217,400 Liabilities and Stockholders' Equity $ 594,000 $ 631,200 Accounts payable (merchandise creditors) Income taxes payable Bonds payable.... Common stock, $20 par.. Paid-in capital in excess of par-common stock.. Retained earnings.... Total liabilities and stockholders' equity.. 26,400 21,600 330,000 320,000 180,000 950,000 810,000 2,822,000 $5,042,400 2,574,600 ..... $4,217,400