Question: A comparative balance sheet for Camp Corporation is presented below: Additional information related to 2022: 1. Cash dividends of $70,000 were declared and paid during

A comparative balance sheet for Camp Corporation is presented below: Additional information related to 2022: 1. Cash dividends of $70,000 were declared and paid during the year. 2. Equipment bought in 2019 for $10,000 that was 60% depreciated at the time of sale was sold for $1,000 in 2022. 4. Common stock was issued in exchange for land. No land was purchased with cash or sold. 5. $5,000 of investments were bought during 2022. Also, investments were sold for $50,000. 6. No buildings were disposed of in 2022. 7. No long-term notes payable were issued during the year. 8. Common stock was not retired in 2022. 9. In addition to common stock issued for land (#3 above), common stock was issued for cash. Required: Prepare ONLY the operating section of the statement of cash flows for the year ended 12/31/22. NOTE: YOUR SOLUTION MUST BE IN HAND-WRITTEN FORM AND INCLUDE ALL SUPPORTING CALCLUATIONS (PREFERRBLY T-ACCOUNTS AS WELL) OR YOU WILL RECEIVE 50% OF THE POINTS POSSIBLE. 2022 2021 Assets Cash $70,000 $51,000 Accounts receivable, net 145,000 122,000 Inventory 75,000 61,000 Investments (available-for-sale) 55,000 85,000 Land 40,000 25,000 Buildings 145,000 145,000 Accumulated depreciation - Buildings (37,000) (28,000) Equipment 70,000 48,000 Accumulated depreciation - Equipment (21,000) (14,000) Total Assets $542,000 $495,000 Liabilities and Stockholders' Equity Accounts payable $66,000 $60,000 Salaries payable 12,000 10,000 Long-term notes payable 62,000 70,000 Common stock 310,000 260,000 Retained earnings 92,000 95,000 Total liabilities and stockholders' equity $542,000 $495,000

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