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Problem 12-9AProblem 12-9A Condensed financial data of Odgers Inc. follow.ODGERS INC.Comparative Balance SheetsDecember 31Assets20142013Cash$ 178,568$ 106,964Accounts receivable194,03883,980Inventory248,625227,299Prepaid expenses62,76457,460Long-term investments304,980240,890Plant assets629,850535,925Accumulated depreciation(110,500)(114,920)Total$1,508,325$1,137,598Liabilities and Stockholdersâ EquityAccounts payable$ 225,420$ 148,733Accrued expenses payable36,46546,410Bonds payable243,100322,660Common stock486,200386,750Retained earnings517,140233,045Total$1,508,325$1,137,598ODGERS INC.Income Statement DataFor the Year Ended December 31, 2014Sales revenue$858,497Less: Cost of goods sold$299,367 Operating expenses, excluding depreciation27,426 Depreciation expense102,765 Income tax expense60,289 Interest expense10,453 Loss on disposal of plant assets16,575516,875Net income$ 341,622Additional information:1.New plant assets costing $221,000 were purchased for cash during the year.2.Old plant assets having an original cost of $127,075 and accumulated depreciation of $107,185 were sold for $3,315 cash.3.Bonds payable matured and were paid off at face value for cash.4.A cash dividend of $57,527 was declared and paid during the year.Prepare a statement of cash flows using the indirect method
