the comparative balance sheets for vanco company as of december 243197

The comparative balance sheets for Vanco Company as of December 31 are presented below.


Additional information:

1. Operating expenses include depreciation expense of $42,000.

2. Land was sold for cash at book value.

3. Cash dividends of $12,000 were paid.

4. Net income for 2012 was $37,000.

5. Equipment was purchased for $92,000 cash. In addition, equipment costing $22,000 with a book value of $10,000 was sold for $8,000 cash.

6. 40,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $40,000.


Prepare a statement of cash flows for the year ended December 31, 2012, using the indirect method.

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