1. On the basis of the following data for Garrett Co for Years I and 2 ended December 31, prepare a statement o flows using the indirect method of reporting cash flows from operating activitics. Assume that equipment costing S125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was so $15,000: that the stock was issued for cash, and that the only entries in the retained carnings account were for net incon of $56,000 and cash dividends declared of $18,000

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