Please show work in excel.

3 4 8 P23-1 (SCFIndirect Method) The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2014 and 2013, with a column showing the increase (decrease) from 2013 to 2014. COMPARATIVE BALANCE SHEETS 2013 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets 2014 $ 815,000 1,128,000 1,850,000 3,307,000 (1,165,000) 310,000 250,000 $6,495,000 $ 700,000 1,168,000 1,715,000 2,967,000 (1,040,000) 275,000 Increase (Decrease) $115,000 (40,000) 135,000 340,000 (125,000) 35,000 250,000 $710,000 $5,785,000 $1,015,000 30,000 80,000 400,000 500,000 $ 955,000 50,000 100,000 Accounts payable Income taxes payable Dividends payable Lease liability Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $ 60,000 (20,000) (20,000) 400,000 500,000 1,500,000 2,970,000 $6,495,000 1,500,000 2,680,000 $5,785,000 290,000 $710,000 Additional information: 1. On December 31, 2013, Sullivan acquired 25% of Myers Co.'s common stock for $275,000. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,100,000. Myers reported income of $140,000 for the year ended December 31, 2014. No dividend was paid on Myers's common stock during the year. 2. During 2014, Sullivan loaned $300,000 to TLC Co., an unrelated company. TLC made the first semi- annual principal repayment of $50,000, plus interest at 10%, on December 31, 2014 3. On January 2, 2014, Sullivan sold equipment costing $60,000, with a carrying amount of $38,000, for $40,000 cash. 4. On December 31, 2014, Sullivan entered into a capital lease for an office building. The present value of the annual rental payments is $400,000, which equals the fair value of the building. Sullivan made the first rental payment of $60,000 when due on January 2, 2015. 5. Net income for 2014 was $370,000. 6. Sullivan declared and paid the following cash dividends for 2014 and 2013 2014 2013 Declared December 15, 2014 December 15, 2013 February 28, 2015 February 28, 2014 Amount $80,000 $100,000 Paid Instructions Prepare a statement of cash flows for Sullivan Corp. for the year ended December 31, 2014, using the indirect method. (AICPA adapted) 3 4 8 P23-1 (SCFIndirect Method) The following are Sullivan Corp.'s comparative balance sheet accounts at December 31, 2014 and 2013, with a column showing the increase (decrease) from 2013 to 2014. COMPARATIVE BALANCE SHEETS 2013 Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Investment in Myers Co. Loan receivable Total assets 2014 $ 815,000 1,128,000 1,850,000 3,307,000 (1,165,000) 310,000 250,000 $6,495,000 $ 700,000 1,168,000 1,715,000 2,967,000 (1,040,000) 275,000 Increase (Decrease) $115,000 (40,000) 135,000 340,000 (125,000) 35,000 250,000 $710,000 $5,785,000 $1,015,000 30,000 80,000 400,000 500,000 $ 955,000 50,000 100,000 Accounts payable Income taxes payable Dividends payable Lease liability Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $ 60,000 (20,000) (20,000) 400,000 500,000 1,500,000 2,970,000 $6,495,000 1,500,000 2,680,000 $5,785,000 290,000 $710,000 Additional information: 1. On December 31, 2013, Sullivan acquired 25% of Myers Co.'s common stock for $275,000. On that date, the carrying value of Myers's assets and liabilities, which approximated their fair values, was $1,100,000. Myers reported income of $140,000 for the year ended December 31, 2014. No dividend was paid on Myers's common stock during the year. 2. During 2014, Sullivan loaned $300,000 to TLC Co., an unrelated company. TLC made the first semi- annual principal repayment of $50,000, plus interest at 10%, on December 31, 2014 3. On January 2, 2014, Sullivan sold equipment costing $60,000, with a carrying amount of $38,000, for $40,000 cash. 4. On December 31, 2014, Sullivan entered into a capital lease for an office building. The present value of the annual rental payments is $400,000, which equals the fair value of the building. Sullivan made the first rental payment of $60,000 when due on January 2, 2015. 5. Net income for 2014 was $370,000. 6. Sullivan declared and paid the following cash dividends for 2014 and 2013 2014 2013 Declared December 15, 2014 December 15, 2013 February 28, 2015 February 28, 2014 Amount $80,000 $100,000 Paid Instructions Prepare a statement of cash flows for Sullivan Corp. for the year ended December 31, 2014, using the indirect method. (AICPA adapted)