DISCUSSION BOARD PROBLEM - CHAPTER 14 The Comparative Balance Sheets for Mindell Corporation are presented below. Mindell Corporation Comparative Balance Sheets December 31 20X2 20X1 ASSETS Cash $58,000 $22,000 Accounts Receivable 85,000 76,000 Inventory 180,000 187,000 Equipment 250,000 200,000 Land 75,000 100,000 Building 115,000 75,000 Accumulated Depreciation-Equipment (66,000) (42,000) Total Assets $697,000 $618,000 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts Payable $34,000 $45,000 Motgage Note Payable $115,000 $75,000 Bonds Payable 150,000 200,000 Common Stock ($1 par value) 214,000 164,000 Retained Earnings 184,000 134,000 Total Liabilities and Stockholders' Equity $697,000 $618,000 Additional Information: 1. Net income for 20X2 was $103,000. 2. Equipment of $50,000 was purchased for cash in 20X2 and no equipment was sold in 20X2. 3. Cash dividends of $53,000 were declared and paid in 20X2. 4. Bonds payable amounting to $50,000 were paid (redeemed) for $50,000 cash in 20X2. 5. Common stock was issued in 20X2 for $50,000 cash. 6. Land was sold for cash in 20X2 at its original cost of $25,000. 7. A building was acquired in 20X2 for $40,000 by issuing a Mortgage Note Payable. REQUIRED: 1. Prepare a Statement of Cash Flows in good form for 20X2 using the indirect method.