(Preparation of a Statement of Cash Flows and a Balance Sheet) Grant Wood Corporation’s balance sheet at the end of 2013 included the following items.

Current assets	$235,000	Current liabilities	$150,000
Land	30,000	Bonds payable	100,000
Buildings	120,000	Common stock	180,000
Equipment	90,000	Retained earnings	44,000
Accum. depr.—buildings Accum. depr.—equipment	(30,000) (11,000)	Total	$474,000
Patents	40,000	Â	Â
Total	$474,000	Â	Â

The following information is available for 2014.

1. Net income was $55,000.

^{2. Equipment (cost $20,000 and accumulated dep r eciation $8,000) was sold for $10,000.}

^{3. Dep r eciation expense was $4,000 on the building and $9,000 on equipment.}

^{4. Patent amortization was $2,500.}

^{5. Cur r ent assets other than cash inc r eased by $29,000. Cur r ent liabilities inc r eased by $13,000.}

^{6. An addition to the building was completed at a cost of $27,000.}

^{7. A long-term investment in stock was pu r chased for $16,000.}

^{8. Bonds payable of $50,000 we r e issued.}

^{9. Cash dividends of $30,000 we r e decla r ed and paid.}

^{10. T r easury stock was pu r chased at a cost of $ 1 1,000.}

Instructions

^{(Show only totals for cur r ent assets and cur r ent liabilities.)}

^{(a) P r epa r e a statement of cash flows for 2014.}

^{(b) P r epa r e a balance sheet at December 31, 2014.}