Prepare a statement of cash flowsĂ˘â‚¬â€ťindirect method.
Presented on the next page are the comparative balance sheets for Lybeck Company at December 31.
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1. Operating expenses include depreciation expense $65,000 and charges from prepaid expenses of $4,400.
2. Land was sold for cash at cost.
3. Cash dividends of $57,000 were paid.
4. Net income for 2012 was $30,600.
5. Equipment was purchased for $70,000 cash. In addition, equipment costing $40,000 with a book value of $23,000 was sold for $25,000 cash.
6. 30,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $30,000.
Prepare a statement of cash flows for 2012 using the indirect method.