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2 LO3 Statement of Cash Flows: Indirect Method 04 LO5 P4. The comparative balance sheets for Lopez Ceramics, Inc., for December 3l, 2010 and 2009

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2 LO3 Statement of Cash Flows: Indirect Method 04 LO5 P4. The comparative balance sheets for Lopez Ceramics, Inc., for December 3l, 2010 and 2009 are presented on the next page. During 2010, the company had net income of $48,000 and building and equipment depreciation expenses

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