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1. Prepare Granger Tool & Die Companys statement of cash flows for the year ended December 31, 2016 using the indirect method. 2. Evaluate Granger

1. Prepare Granger Tool & Die Companys statement of cash flows for the year ended December 31, 2016 using the indirect method.

2. Evaluate Granger Tool & Die Companys cash flows for the year. In your evaluation, mention all three categories of cash flows and give the reason for your evaluation. image text in transcribedimage text in transcribed

ercise Statement of Cash Flows Preparation- Indirect Method The income statement and additional data of Granger Tool & Die Company follow: Granger Tool & Die Company Income Statement Year ended December 31, 2016 Revenues: Service revenue $273,000 Dividend revenue 8,700 $281,700 Expenses: Cost of goods sold Salary expense Depreciation expense Advertising expense Interest expense Income tax expense 135,000 59,000 28,000 2,900 2,100 16,400 243,400 $ 38,300 Net Income

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