The following 2019 information is available for Payne Company:

Partial additional information: The net income for 2019 totaled $1,600. During 2019, the company sold, for $390, equipment that cost $390 and had a book value of $300. The company sold land for $200, resulting in a loss of $40.
The remaining change in the Land account resulted from the purchase of land through the issuance of common stock.

Required:
Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.

Transcribed Image Text:

Comparative Balance Sheets December 31, December 31, 2019 2018 $ 400 $ 600 Cash Accounts receivable 220 200 Inventory Land 370 610 250 410 Equipment Less: Accumulated depreciation Total Assets 2,070 (310) $3,000 2,200 (400) $3,620 Accounts payable Notes payable (long-term) Common stock, no par Retained earnings Total Liabilities and Shareholders' Equity $ 800 $ 500 900 720 1,000 1,400 $3,620 600 700 $3,000