ACTG 302 Chapter 21 Spring 2015 Morrison, Inc. has prepared the following comparative balance sheets for 2014 and 2015: 2015 2014 Cash $205,000 $135,000 Accounts Receivable 190,000 133,000 Allowance for doubtful accounts (9,000) (8,000) Inventory 160,000 170,000 Prepaid expenses 15,000 25,000 Property, Plant, and Equipment 1,180,000 1,100,000 Accumulated Depreciation (450,000) (375,000) Intangible Assets 110,000 125,000 Total Assets $1,401,000 $1,305,000 Accounts Payable $125,000 $175,000 Accrued Liabilities 60,000 50,000 Notes Payable 200,000 150,000 Bonds Payable 300,000 300,000 Discount on Bonds Payable (4,000) (5,000) Common Stock 675,000 600,000 Retained Earnings 95,000 60,000 Treasury Stock (50,000) (25,000) Total Liabilities and Stockholder’s Equity $1,401,000 $1,305,000 1. Morrison issued additional common stock during the period and repurchased additional shares for the treasury. 2. Morrison declared and paid cash dividends of $140,000 during the year. 3. Property, Plant & Equipment costing $20,000, with accumulated depreciation of $5,000 was sold at a $10,000 gain. 4. Property, Plant & Equipment, at a price of $100,000, was purchased for cash in 2015. 5. There were no purchases or disposals of intangible assets in 2015. 6. Morrison issued a new note payable in 2015 to borrow an additional $50,000 in cash. The income statement for 2015 is as follows: Sales $1,980,000 Cost of Sales 1,090,000 Gross Profit $890,000 Operating Expenses 700,000 Income from Operations $190,000 Gain of the Sale of Property 10,000 Interest Expense 25,000 Net Income $175,000 Instructions From the information above, prepare a statement of cash flows for Morrison, Inc. for the year ended December 31, 2015.