(Solution) - Presented below are the comparative balance sheets for Marin Com -(2025 Original AI-Free Solution)

Paper Details

Presented below are the comparative balance sheets for Marin Company at December 31.

Additional information:
1. Operating expenses include depreciation expense $55,000 and charges from prepaid expenses of $4,400.
2. Land was sold for cash at cost.
3. Cash dividends of $84,290 were paid.
4. Net income for 2010 was $47,890.
5. Equipment was purchased for $80,000 cash. In addition, equipment costing $40,000 with a book value of $33,000 was sold for $37,000 cash.
6. Bonds were converted at face value by issuing 30,000 shares of $1 par value common stock.
Instructions
Prepare a statement of cash flows for 2010 using the indirectmethod.