Question $1$

$30$ pts

A spreadsheet for a statement of cash flows is presented below along with the following additional information. For the column of "Change", a positive number means an increase and a negative number means a decrease.

Net income was $$529,000.$

Dividends declared $$100,000,$ payable January $31$ of next year. On January $31$ of the current year, $$90,000$ was paid for dividends declared for last year.

$5-$year Bonds with a face value of $$60,000$ were issued for $$50,000$ in the year. One year of discount amortization using the straight$-$line method, $$2,000,$ was recorded.

$1,000$ shares of common stocks $($ $$100$ par per share$)$ were issued for $$150,000.$

Purchased $30\%$ interest in Kent Company for $$90,000,$ and classified it as Equity method investment in the year. Kent Company reported a net income of $$50,000$ and declared no dividend for the year.

The preferred stock was converted to an equal number of common shares. The book value method was used.

Property, plant, and equipment costing $$200,000$ were sold for $$140,000.$ The asset had accumulated depreciation of $180,000$ at the date of sale.

Required: Complete the spreadsheet $(40$ points$)$:

$\backslash$table$[[$Account Titles,Change,Worksheet Entries$],[$Debit$,,$Debit,Credit$],[$Cash$,99,000,99000,],[$Account receivable,$400,000,400000,]]$