Reference no: EM131988010

Exercise - Chekov Corporation's balance sheet at the end of 2011 included the following items.

Current assets $237,244 Current liabilities $152,244

Land 32,514 Bonds payable 102,244

Buildings 122,244 Common stock 182,514

Equipment 92,514 Retained earnings 46,514

Accum. depr.-buildings (32,244 ) Total 483,516

Accum. depr.-equipment (11,000 )

Patents 42,244

Total $483,516

The following information is available for 2012.

1. Net income was $58,089.

2. Equipment (cost $22,244 and accumulated depreciation $10,244) was sold for $11,244.

3. Depreciation expense was $6,244 on the building and $11,244 on equipment.

4. Patent amortization was $2,500.

5. Current assets other than cash increased by $25,000. Current liabilities increased by $15,244.

6. An addition to the building was completed at a cost of $29,244.

7. A long-term investment in stock was purchased for $16,000.

8. Bonds payable of $52,514 were issued.

9. Cash dividends of $25,000 were declared and paid.

10. Treasury stock was purchased at a cost of $11,000.

(a) Prepare a statement of cash flows for 2012. (Show only totals for current assets and current liabilities.)