The statement of financial position of House Construction Co. for June 30, 2015 and 2014, as presented in Problem 16-1B, is as follows:
The statement of income for the year ended June 30, 2015, is as follows:
The following additional information was taken from the records:
a. Equipment and land were acquired for cash.
b. There were no disposals of equipment during the year.
c. The investments were sold for $54,000 cash.
d. The common shares were issued for cash.
e. There was a $60,000 debit to Retained Earnings for cash dividends declared.
Prepare a statement of cash flows using the direct method of presenting cash flows from operating activities.
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