The following 2007 information is available for the Stewart Company:

Partial additional information:
1. The equipment that was sold for cash had cost $400 and had a book value of $300.
2. Land that was sold brought a cash price of $530.
3. Fifty shares of stock were issued at par.
Required
Making whatever additional assumptions that are necessary,
1. Prepare a worksheet (spreadsheet) to support a statement of cash flows for the Stewart Company for 2007.
2. Prepare the statement of cashflows.

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Condensed Income Statement for 2007 Sales Cost of goods sold Other expenses Loss on sale of equipment Gain on sale of land Net income $9,000 (6,000) (2,000) 400 $1,140 Comparative Balance Sheets December 3 December 31, 2006 Cash Accounts receivable Inventory Land Equipment Less: Accumulated depreciation Total Assets Accounts payable Bonds payable (due 1/1/2012) Common stock, $10 par Retained earnings Total Liabilities and Stockholders' Equity 2007 $1,130 310 400 500 1,800 150) S3,990 750 1,000 1,400 840 $3,990 700 450 350 300 1,600 $3,200 $ 600 1,000 900 700 3,200