Lander Inc. had the following balance sheet at December 31, 2014:
|Accounts receivable||$18,900||Bonds payable||$35,000|
|Plant assets (net)||$78,000||Retained earnings||$18,400|
|Total Assets||$277,200||Total Liabilities & Equity||$277,200|
During 2015, the following events occurred:
- Lander liquidated its available-for-sale investment portfolio at a loss of $6,500.
- A tract of land was purchased for $31,000.
- An additional $20,000 in common stock was issued at par.
- Dividends totalling $5,000 were declared and paid to stockholders.
- Net income for 2015 was $29,000, including $7,000 in depreciation expense.
- Land was purchased through the issuance of $25,000 in additional bonds.
- At December 31, 2015, cash was $72,650, accounts receivable was $35,250, and accounts payable was $32,500.
In an Excel spreadsheet:
- Prepare a statement of cash flows for the year 2015 for Lander.
- Prepare the balance sheet as it would appear as of December 31, 2015.
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