The Comparative Balance Sheet of ConnieJo Company, for December 31 $\$ 39,000$

question 72

Essay

The comparative balance sheet of ConnieJo Company, for December 31, Years 1 and 2 ended December 31 appears below in condensed form: ​
Additional data for the current year are as follows:
​ (a) Fully depreci ated equipment costing $\$ 39,000$ was scrapped, no salvage, and equipment was purchased for $\$ 157,000$ .
(b) Bonds payable for $\$ 100,000$ were retired by payment at their face amount.
(c) 5,000 shares of common stock were issued at $\$ 15$ for cash.
(d) Cash dividends declared were paid $\$ 41,400$ .
(e) All sales are on account. ​
Prepare a statement of cash flows, using the indirect method of reporting cash flows from operating activities.