The following 2010 information is available for the Stewart Company:
Condensed Income Statement for 2010______
Sales ............... $9,000
Cost of goods sold .......... (6,000)
Other expenses ............. (2,000)
Loss on sale of equipment ........ (260)
Gain on sale of land ......... 400
Net income ............. $1,140
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Partial additional information:
1. The equipment that was sold for cash had cost $400 and had a book value of $300.
2. Land that was sold brought a cash price of $530.
3. Fifty shares of stock were issued at par.
Required: Making whatever additional assumptions that is necessary,
1. Prepare a worksheet (spreadsheet) to support a statement of cash flows for the Stewart Company for 2010.
2. Prepare the statement of cashflows.