Refer to the information in Problem 15-44.

Required:

Prepare a statement of cash flows by using the worksheet approach.

Problem 15-44

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Ending Beginning Balances Balances Assets $ 100,000 200,000 400,000 700,000 (200,000) 100,000 $1,300,000 $ 150,000 Cash Accounts receivable 180,000 410,000 690,000 (245,000) Inventory Plant and equipment Accumulated depreciation Land 150,000 $1,335,000 Total assets Liabilities and equity Accounts payable Mortgage payable $ 300,000 $ 250,000 110,000 Preferred stock 60,000 240,000 Common stock 280,000 Contributed capital in excess of par: Preferred stock 40,000 Common stock 360,000 420,000 275,000 $1,335,000 Retained earnings Total liabilities and equity 300,000 $1,300,000