Reference no: EM13582252

Use the following information for First Corp. complete the statement of Cash Flows (indirect method) for the year ended December 31, 2009. Clearly label each item as cash inflow or.

• Cash at 1/1/09: $ 14,000
• Net Income: $35,000
• Dividends Paid: $11,000
• Purchase of land: $100,000
• Decrease in accounts payable: $12,000
• Issuance of common stock: $60,000
• Decrease in accounts receivable: $7,000
• Proceeds from sale of investments: $27,000
• Increase in inventory $5,000
• Loss on sale of investments: $3,000
• Increase in salaries payable: $6,000
• Depreciation expense: $10,000
• Redemption of bonds payable: $24,000
• Collection of long-term note receivable: $22,000
• Purchase land by issuing common stock: $40,000