E13-3 Tim Latimer Corporation had the following transactions.
1. Sold land (cost $12,000) for $10,000.
2. Issued common stock for $22,000.
3. Recorded depreciation on buildings for $14,000.
4. Paid salaries of $7,000.
5. Issued 1,000 shares of $1 par value common stock for equipment worth $9,000.
6. Sold equipment (cost $10,000, accumulated depreciation $8,000) for $3,200.
Instructions
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would
affect the statement of cash fl ows under the indirect method.
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