The net changes in the balance sheet accounts of Sweet Justice Enterprises, Inc. for the year...

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The net changes in the balance sheet accounts of Sweet Justice Enterprises, Inc. for the year 2014 are shown below: Account Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Debit $ 251,200 Credit $28,000 28,000 434,400 40,000 Long-term investments Land Buildings Machinery Office equipment 288,000 600,000 1,200,000 200,000 56,000 Accumulated depreciation: Buildings 48,000 Machinery 40,000 Office equipment 24,000 Accounts payable 366,400 Accrued liabilities 144,000 Dividends payable 256,000 Premium on bonds 64,000 Bonds payable 1,600,000 Preferred stock ($50 par) 120,000 Common stock ($10 par) 312,000 Additional paid-in capitalcommon stock 446,400 Retained earnings Total 174,400 $3,410,400 $3,410,400 Additional information: a) Net Income for the Year Ended December 31, 2014 is $280,000 Extraordinary loss on Condemnation of land $264,000 b) Cash dividends of $256,000 were declared December 15, 2014, payable January 15, 2015. e) The long-term investments were sold for $280,000 d) A building and land which cost 5960,000 and had a book value of $600,000 were sold for $800,000. The cost of the land, included in the cost and book value above, was $40,000 } QUESTION 3 (cont'd) e) The following entry was made to record an exchange of an old machine for a new one: Machinery. Accumulated Depreciation-Machinery. Machinery Cash 320,000 80,000 120,000 280,000 f) A fully depreciated copier machine which cost $56,000 was written off. g) Preferred stock of $120,000 par value was redeemed for $160,000. h) The company sold 24,000 shares common stock on June 15, 2014 for $50 a share. i) Bonds were sold at 104 on December 31, 2014. j) Land was condemned and the proceeds received were $480,000. Required Prepare a statement of cash flows for Sweet Justice Enterprises (SWJ) using the indirect method. Ignore tax effects. The net changes in the balance sheet accounts of Sweet Justice Enterprises, Inc. for the year 2014 are shown below: Account Cash Accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Debit $ 251,200 Credit $28,000 28,000 434,400 40,000 Long-term investments Land Buildings Machinery Office equipment 288,000 600,000 1,200,000 200,000 56,000 Accumulated depreciation: Buildings 48,000 Machinery 40,000 Office equipment 24,000 Accounts payable 366,400 Accrued liabilities 144,000 Dividends payable 256,000 Premium on bonds 64,000 Bonds payable 1,600,000 Preferred stock ($50 par) 120,000 Common stock ($10 par) 312,000 Additional paid-in capitalcommon stock 446,400 Retained earnings Total 174,400 $3,410,400 $3,410,400 Additional information: a) Net Income for the Year Ended December 31, 2014 is $280,000 Extraordinary loss on Condemnation of land $264,000 b) Cash dividends of $256,000 were declared December 15, 2014, payable January 15, 2015. e) The long-term investments were sold for $280,000 d) A building and land which cost 5960,000 and had a book value of $600,000 were sold for $800,000. The cost of the land, included in the cost and book value above, was $40,000 } QUESTION 3 (cont'd) e) The following entry was made to record an exchange of an old machine for a new one: Machinery. Accumulated Depreciation-Machinery. Machinery Cash 320,000 80,000 120,000 280,000 f) A fully depreciated copier machine which cost $56,000 was written off. g) Preferred stock of $120,000 par value was redeemed for $160,000. h) The company sold 24,000 shares common stock on June 15, 2014 for $50 a share. i) Bonds were sold at 104 on December 31, 2014. j) Land was condemned and the proceeds received were $480,000. Required Prepare a statement of cash flows for Sweet Justice Enterprises (SWJ) using the indirect method. Ignore tax effects.