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