Use a spreadsheet to create Cash Flow Statement for Contest Company, for the year ended December 31, 2005. Follow the steps on the contentpage.

Additional Information:

The company had a net income of $60,000 in 2005.

Equipment depreciated $9,000 in 2005.

Equipment costing $21,000 was purchased.

Fully depreciated equipment that cost $3,000 was discarded; its cost and accumulated depreciation were removed from the accounts.

Fifteen hundred (1500) shares of stock were sold and issued at $12 per share.

The company declared $30,000 of cash dividends during the year and paid $21,000.

Contest Company Comparative Balance Sheet for the years ended December 31, 2004 and 2005 Assets 2005 2004 Cash $63,000 $24,000 Accounts Receivable 48,000 54,000 Merchandise Inventory 126,000 108,000 Equipment 108,000 90,000 Accumulated Depreciation (24,000) (18,000) . Total $321,000 $258,000 Liabilities and Equity Accounts Payable $42,000 $30,000 Taxes Payable 6,000 12,000 Dividends Payable 9.000 Common Stock 198,000 180,000 Retained Earnings 66,000 36,000 Total $321,000 $258,000