Problem 2 – Statement of Cash Flows (28 points) Sharp Company Comparative Balance Sheet December 31 2011 2010 Cash $ 64,000 $ 36, 000 Accounts

Problem 2 – Statement of Cash Flows (28 points)Sharp CompanyComparative Balance Sheet December 31 2011 2010 Cash $ 64,000 $ 36, 000 Accounts receivable, net 53,000 57,000 Inventory 171,000 123,000 Land 180,000 285,000 Building 300,000 300,000 Accumulated depreciation (75,000) (60,000) Equipment 1,545,000 900,000 Accumulated depreciation (177,000) (141,000) $2,061,000 $1,500,000 Accounts payable $ 172,000 $ 150,000 Bonds payable 480,000 -0- Capital stock, $10 par 1,125,000 1,125,000 Retained earnings 284,000 225,000 $2,061,000 $1,500,000 Additional Data:Net income for the year amounted to $104,000.Cash dividends were paid amounting to 4% of par value.Land was sold for $120,000.Sharp sold equipment, which cost $225,000 and had accumulated depreciation of $90,000, for $105,000.Instructions: Prepare a statement of cash flows using the indirect method.

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