Problem $2$

The comparative balance sheet for $2024$ and $2023$ for Jackson Corporation as well as additional

information concerning transactions and events during $2024$ are presented below:

Jackson Corporation

Balance Sheet

December $31,2024$ and $2023$

Cash

Accounts receivable $($net$)$

Inventory

Long$-$term investments

Property, plant & equipment

Accumulated depreciation

Accounts payable

Accrued liabilities

Long$-$term notes payable

Common stock

Retained earnings

Additional data:

$($a$)$ Net income for the year $2024$ was $$90,000.$

$($b$)$ Depreciation on plant assets for the ye: Subtitle $700.$

$($c$)$ Sold the long$-$term investments for $$33,000($at a gain of $$18,000).$

$($d$)$ Paid dividends of $$39,000.$

$($e$)$ Purchased machinery costing $$26,500$ and paid cash.

$($f$)$ Purchased machinery and gave a $$60,000$ long$-$term note payable.

$($g$)$ Paid a $$40,000$ long$-$term note payable by issuing common stock.

Required:

Using the indirect method, prepare a statement of cash flows for $2024$ for Jackson

Corporation. Remember to include the schedule of significant non$-$cash investing and

financing activities. Also, please remember to include a proper heading on your statement.