Accounting Question

Lander Inc. had the following balance sheet at December 31, 2008:

LANDER, INC. Balance Sheet December 31, 2008
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 2009 the following occurred.

Lander liquidated its available-for-sale investment portfolio at a loss of $6,500.
A tract of land was purchased for $31,000.
An additional $20,000 in common stock was issued at par.
Dividends totaling $5,000 were declared and paid to stockholders.
Net income for 2009 was $29,000, including $7,000 in depreciation expense.
Land was purchased through the issuance of $25,000 in additional bonds.
At December 31, 009, Cash was $72,650, Accounts Receivable was $35,250, and Accounts Payable was $32,500.
1. Prepare a statement of cash flows for the year 2009 for Lander.
2. Prepare the balance sheet as it would appear at December 31, 2009.

Solution

NOT RATED

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