14 36 pts Problem 3: A spreadsheet for a statement of cash flows is presented below along with the following additional information. Net income was $508,000. Dividends declared $100,000, payable January 31 of next year. On January 31 of current year, $90,000 was paid for dividends declared for last year. 5-year Bonds with a face value of $60,000 were issued for $50,000 in the year. One year of discount amortization using the straight-line method was recorded. 1,000 shares of common stocks ($100 par per share) were issues for $150,000. Purchased 30% interest in Kent Company for $90,000, and classified it as Equity method investment. Kent Company reported net incom of $50,000, and declared no dividend for the year. The preferred stock was converted to an equal number of common shares. The book value method was used. roperty, plant, and equipment costing $200,000 was sold for $140,000. The asset had an accumulated depreciation of 180,000 at the ate of sale. equired: Complete the Worksheet. ccount Titles ebit ash count receivable ventory quity method investment operty, plant, and equipment tante Change 99,000 400,000 -150,000 105,000 244,000 20.000 MacBook Pro Account Titles Change Debit Cash 99,000 Account receivable 400,000 Inventory -150,000 Equity method investment. 105,000 Property, plant, and equipment 244,000 Patents -20,000 Discount on bonds payable 8,000 Credit Accumulated depreciation -50,000 Accounts payable 300,000 Salaries payable -200,000 Dividends payable 10.000 Income tax payable Deferred tax liability Bonds payable 10,000 -2,000 60,000 Preferred stock, $100 par per share -400,000 Additional paid-in capital-preferred stock -100,000 Common stock, $100 par per share 500,000 Additional paid-in capital-common 150,000 stock Retained earnings 408,000 Accent Titles Debit Cash Account receivable Inventory Equity method investment Property, plant, and equipment Patents Discount on bonds payable Credit Accumulated depreciation Accounts payable Salaries payable Dividends payable Income tax payable Deferred tax liability Bonds payable Preferred stock, $100 par per share Additional paid-in capital-preferred stock Common stock, $100 par per share Additional paid-in capital-common stock Retained earnings Worksheet Entries Change Credit Cash Flow from Operating Activities Debit Credit Page 1 Cash Flows from Investing Activities Debit Credit Cash Flows from Financing Activities Debit Credit Investing and Financing Activities Not Affecting Cash Debit Credit Net Change in Cash Page 2