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PR 16-1A Statement of cash flows-indirect method flow from ctivities, The comparative balance sheet of...

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PR 16-1A Statement of cash flows-indirect method flow from ctivities, The comparative balance sheet of Flack Inc. for December 31, 2013 and 2012 as follows: Dec. 31, 2013 Dec. 31, 2012 Assets $234,660 ..85,440 Cash $219,720 78,360 231,420 90,000 Land 207,420 (55,500) $771,420 $885,780 Liabilities and Stockholders' Equity Accrued expenses payable (operating expenses).... 15,840 9,000 ...48,000 $151,860 19,740 7,200 Paid-in capital in excess of par-common stock 180,000 105,000 451,620 $771,420 $885,780 The following additional information was taken from the records: a. The investments were sold for $105,000 cash. b. Equipment and land were acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $58,140 credit to Retained Earnings for net income. f. There was a $36,000 debit to Retained Earnings for cash dividends deca d

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