Problem - Financial information for Cole's Company at December 31, 2000 and for the year ended, presented in the schedule below:
December 31 Change
1999 2000 2000-1999
Debits
Cash $15,000 $31,000 $16,000
Accounts Receivable 28,500 26,500 (2,000)
Inventory 12,400 15,400 3,000
PP&E 80,000 86,000 6,000
Accumulated Depreciation (20,000) (22,000) (2,000)
Land 40,100 61,100 21,000
Total $156,000 $198,000 $42,000
Credits
Accounts Payable 10,000 9,000 (1,000)
Accrued Liabilities 2,000 7,000 5,000
Notes Payable - Long Term 20,000 36,000 16,000
Common Stock - No Par 100,000 121,000 21,000
Retained Earnings 24,000 25,000 1,000
Total $156,000 $198,000 $42,000
Additional Information:
1. Net Income was $6,000
2. Sold equipment for $4,000 cash that had cost $15,000. There was a $2,000 loss on the sale
3. Acquired land for $21,000, and issued common stock as a payment in full
Required: Prepare a statement of cash flows for the year ended December 31, 2000.