The following 2010 information is available for the Stewart Company:

Condensed Income Statement for 2010______

Sales ...............$9,000

Cost of goods sold .......... (6,000)

Other expenses .............(2,000)

Loss on sale of equipment ........ (260)

Gain on sale of land ......... 400

Net income ............. $1,140

Partial additional information:
1. The equipment that was sold for cash had cost $400 and had a book value of $300.
2. Land that was sold brought a cash price of $530.
3. Fifty shares of stock were issued at par.

Required
Making whatever additional assumptions that is necessary,
1. Prepare a worksheet (spreadsheet) to support a statement of cash flows for the Stewart Company for 2010.
2. Prepare the statement of cashflows.

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Comparative Balance Sheets December 31 December 31, 2009 $700 450 350 300 1,600 (200) $3,200 $ 600 1,000 900 700 $3,200 2010 $1,130 Cash Accounts receivable InventoTY Land Equipment Less: Accumulated depreciation Total Assets 310 400 500 1,800 (150) $3,990 Accounts payable Bonds payable (due 1/1/2015) Common stock, $10 par Retained earnings Total Liabilities and Stockholders' Equity $ 750 1,000 1,400 840 $3,990