Presented below is a condensed version of the comparative balance sheets for Zubin Mehta Corporation for the last two years at December 31.

Additional information:
Investments were sold at a loss (not extraordinary) of $10,000; no equipment was sold; cash dividends paid were
$30,000; and net income was $160,000.

Instructions
(a) Prepare a statement of cash flows for 2008 for Zubin Mehta Corporation.
(b) Determine Zubin Mehta Corporation's free cashflow.

2008 2007 $177,000 180,000 52,000 298,000 78,000 185,000 74,000 240,000 (89,000) 151,000 160,000 177,000 Cash Accounts receivable Investments Equipmentmlated depreciation13400160.00 Current liabilities Capital stock Retained earnings 134,000 160,000 307,000