The three accounts shown below appear in the general ledger of Jurena Corp. during 2012.
| Equipment | ||||
| Date | Debit | Credit | Balance | |
| Jan. 1 | Balance | 160,000 | ||
| July 31 | Purchase of equipment | 70,000 | 230,000 | |
| Sept. 2 | Cost of equipment constructed | 53,000 | 283,000 | |
| Nov. 10 | Cost of equipment sold | 49,000 | 234,000 | |
| Accumulated Depreciation—Equipment | ||||
| Date | Debit | Credit | Balance | |
| Jan. 1 | Balance | 71,000 | ||
| Nov. 10 | Accumulated depreciation on equipment sold | 16000 | 55,000 | |
| Dec. 31 | Depreciation for year | 28000 | 83,000 | |
| Retained Earnings | ||||
| Date | Debit | Credit | Balance | |
| Jan. 1 | Balance | 105,000 | ||
| Aug. 23 | Dividends (cash) | 14000 | 91,000 | |
| Dec. 31 | Net income | 72000 | 163,000 | |
Instructions
From the postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on sale of equipment was $8,000. (Hint:Cost of equipment constructed is reported in the investing activities section as a decrease in cash of $53,000.)
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