Financail statements-Statement of Cash Flows and Balance Sheet

Lander Inc. had the following balance sheet at December 31, 2014:

Balance Sheet
December 31, 2014

Cash $45,300 Accounts payable $33,800
Accounts receivable $18,900 Bonds payable $35,000
Investments $25,000 Common stock $190,000
Plant assets (net) $78,000 Retained earnings $18,400
Land $110,000
Total Assets $277,200 Total Liabilities & Equity $277,200

During 2015, the following events occurred:

  1. Lander liquidated its available-for-sale investment portfolio at a loss of $6,500.
  2. A tract of land was purchased for $31,000.
  3. An additional $20,000 in common stock was issued at par.
  4. Dividends totalling $5,000 were declared and paid to stockholders.
  5. Net income for 2015 was $29,000, including $7,000 in depreciation expense.
  6. Land was purchased through the issuance of $25,000 in additional bonds.
  7. 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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