Lu Corporation’s comparative balance sheet is presented below. 

Additional information: 

1. Profit for the year was $22,630. Dividends declared and paid were $19,500. 

2. No noncash investing and financing activities occurred during 2024. 

3. The land was sold for cash of $4,900, resulting in a loss of $1,100 on the sale of the land. 

Instructions 

Prepare a cash flow statement for 2024 using the indirect method. Lu Corporation reports under ASPE.

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LU CORPORATION Balance Sheet December 31 Assets Cash Accounts receivable Land Building Accumulated depreciation-building Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total 2024 $ 14,300 21,200 20,000 70,000 (15,000) $110,500 $ 12,370 75,000 23,130 $110,500 2023 $ 10,700 23,400 26,000 70,000 (10,000) $120,100 $ 31,100 69,000 20,000 $120,100