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1. Net income is $66,000. 2. The company purchases $107,000 in equipment. No equipment was sold. 3. Depreciation expense is $159,000. 4. The company repays
1. Net income is $66,000. 2. The company purchases $107,000 in equipment. No equipment was sold. 3. Depreciation expense is $159,000. 4. The company repays $112,500 in notes payable. 5. The company declares and pays a cash dividend of $23,500. Required: Prepare the statement of cash flows using the indirect method. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.)
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