Preston Company, Inc., has the following comparative balance sheet as of March 31, 2014. Selected transaction data for the year ended March 31, 2014, include the following: a. Net income, $ 76,400 b. Paid long- term note payable with cash, $ 60,000 c. Cash payments to employees, $ 42,700 d. Loss on sale of land, $ 9,500 e. Acquired equipment by issuing long- term note payable, $ 15,200 f. Cash payments to suppliers, $ 147,400 g. Cash paid for interest, $ 3,000 h. Depreciation expense on equipment, $ 13,700 i. Paid short- term note payable by issuing common stock, $ 5,000 j. Paid cash dividends, $ 45,200 k. Received cash for issuance of common stock, $ 3,200 l. Cash received from customers, $ 297,000 m. Cash paid for income taxes, $ 12,100 n. Sold land for cash, $ 53,000 o. Interest received (in cash), $ 1,200 p. Purchased long- term investment for cash, $ 3,000 Requirements 1. Prepare the statement of cash flows for Preston Company, Inc., for the year ended March 31, 2014, using the indirect method for operating cash flows. Include a schedule of noncash investing and financing activities. All of the current accounts except short- term notes payable result from operating transactions. 2. Also prepare a supplementary schedule of cash flows from operations using the directmethod.
Preston Company, Inc., has the following comparative balance sheet as of March 31, 2014. Selected.
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