Prepare a statament of cash flows. Solve using indirect method. Include T-accounts and Journal entries.

The income statement for Jackson Corporation is shown below: Jackson Corporation Income Statement For the Year Ended December 31, 2017 1,340 Sales. Cost of goods sold...... Gross profit. Depreciation expense..... Other expenses Loss on sale of equipment Gain on sale of long-term investments... Net income.... (760) 580 (100) (300) (20) 100 260 An examination of the accounting records revealed the following additional information applicable a. Plant and equipment costing $160 (50% depreciated) was sold at the end of 2012 for $60 cash. b. Purchased land costing $200 paid $50: gave long-term note for the balance, c. Paid $80 on long-term notes. d. Issued common stock for $200 cash. e. Purchased plant and equipment for $200: paid one-half cash: gave a long-term note for the bale f. Issued 300 shares of common stock for land with a fair value of $380 and paid the balance in c The share were actively traded at $1 per share. 9. Sold long-term investments for $140. h. Dividends are declared and paid in the same year. Required: Prepare a statement of cash flows using the indirect method