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Lander Inc. had the following balance sheet on December 31, 2016:
| LANDER, INC. Balance Sheet December 31, 2016 |
| Cash | $49,830 | | Accounts payable | $37,180 |
| Accounts receivable | $20,790 | | Bonds payable | $38,500 |
| Investments | $27,500 | | Common stock | $209,000 |
| Plant assets (net) | $85,800 | | Retained earnings | $20,240 |
| Land | $121,000 | | | |
| Total Assets | $304,920 | | Total Liabilities & Equity | $304,920 |
During 2017 the following occurred:
Lander liquidated its investment portfolio at a loss of $7,150.
A tract of land was purchased for $34,100.
An additional $22,000 in common stock was issued at par.
Dividends totalling $5,500 were declared and paid to stockholders.
Net income for 2017 was $31,900, including $7,700 in depreciation expense.
Land was purchased through the issuance of $27,500 in additional bonds.
At December 31, 2017, Cash was $79,915, Accounts Receivable was $38,775, and Accounts Payable was $35,750.
Required:
Prepare the balance sheet as it would appear as of December 31, 2017.
Prepare a statement of cash flows for the year 2017 for Lander.
Answer & Explanation
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