Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise isanxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below.CashCOMPARATIVE BALANCE SHEETSAccounts receivableInventoryProperty, plant, and equipmentLess accumulated depreciationAccounts payableIncome taxes payableBonds payableCommon stockRetained earnings12/31/25$608000(320000)$408000360000384000288000$1440000$176000352000360000216000336000$1440000INCOME STATEMENTFor the Year Ended December 31, 202512/31/24$960000(304000)$192000216000480000656000$1544000$96000392000600000216000240000$1544000 Sales revenueCost of salesGross profitSelling expensesAdministrative expensesIncome from operationsInterest expenseIncome before taxesIncome taxesNet income$600000The following additional data were provided:192000$48000.O $(432000).O $192000.The net cash provided (used) by financing activities is$84000007152000124800079200045600072000384000960001. Dividends for the year 2025 were $192000.2. During the year, equipment was sold for $240000. This equipment cost $352000 originally and had a book value of $288000 atthe time of sale. The loss on sale was incorrectly charged to cost of sales.3. All depreciation expense is in the selling expense category.$288000OR $(240000)

Name: Harlan Mining Co. has recently decided to go public and has hired you
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise isanxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below.CashCOMPARATIVE

Financing activities include activities relating to the raising or repayment of funds by the entity…

Business

Accounting

Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. COMPARATIVE BALANCE SHEETS 12/31/25 Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000