Equipment was acquired for common stock the fair value of

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Reference no: EM13577117

A comparative balance sheet for Shin Corporation is presented below:

Shine CORPORATION

Comparative Balance Sheet

                                                                 2014                       2013   

Assets

Cash                                                      $  36,000                 $  31,000

Accounts receivable (net)                       70,000                    60,000

Prepaid insurance                                   25,000                    17,000

Land                                                       18,000                     40,000

Equipment                                               70,000                    60,000

Accumulated depreciation                        (20,000)                  (13,000)

Total Assets                                             $199,000                $195,000

Liabilities and Stockholders' Equity

Accounts payable                                    $  11,000                 $   6,000

Bonds payable                                          27,000                    19,000

Common stock                                          140,000                  115,000

Retained earnings                                          21,000                    55,000

Total liabilities and stockholders' equity     $199,000                $195,000

Additional information:

1.   Net loss for 2014 is $20,000.

2.   Cash dividends of $14,000 were declared and paid in 2014.

3.   Land was sold for cash at a loss of $4,000. This was the only land transaction during the year.

4.   Equipment with a cost of $15,000 and accumulated depreciation of $10,000 was sold for $5,000 cash.

5.   $22,000 of bonds were retired during the year at carrying (book) value.

6.   Equipment was acquired for common stock. The fair value of the stock at the time of the exchange was $25,000.

Instructions

Prepare a statement of cash flows for the year ended 2014, using the indirect method.

Reference no: EM13577117

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