33A

Learning Objective 2 P16-33A Preparing the statement of cash flows-indirect method Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2018: Net Cash Used for Inv. Act. $(15,500) 2018 2017 Current Assets: Cash Accounts Receivable Merchandise Inventory Current Liabilities: Accounts Payable Income Tax Payable $ 99,400 64,100 83,000 $ 25,000 69,700 75,000 57,600 14,800 55,200 16,800 Transaction Data for 2018: Issuance of common stock for cash Depreciation expense Purchase of equipment with cash Acquisition of land by issuing long-term notes payable Book value of building sold $ 38,000 24,000 74,000 119,000 54,000 Payment of notes payable Payment of cash dividends Issuance of notes payable to borrow cash Gain on sale of building Net income $ 46,100 50,000 62,000 4,500 68,500 CHAPTER 16 Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying schedule of non-cash investing and financing activities