Textbook Problem

Balance sheets for Brierwold Corporation follow:

 Additional transactions were as follows:

1. a. Purchased equipment costing $50,000.
2. b. Sold equipment costing $60,000, with a book value of $25,000, for $40,000.
3. c. Retired preferred stock at a cost of $110,000. (The premium is debited to Retained Earnings.)
4. d. Issued 10,000 shares of common stock (par value, $4) for $10 per share.
5. e. Reported a loss of $15,000 for the year.
6. f. Purchased land for $50,000.

 Required:

 Prepare a statement of cash flows using the worksheet approach. Use the indirect method to prepare the statement.