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Below we include the comparative balance sheets of Camping Co, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2
Below we include the comparative balance sheets of Camping Co, for Years 1 and 2 ended December 31, appear below in condensed form: Year 2 Year 1 Cash $53,000 $50,000 Accounts receivable (net) 37,000 48,000 Inventories 108,500 100,000 Investments 70,000 Equipment 573.200 450,000 Accumulated depreciation equipment (142.000 (176.000) $629,700 $542,000 S 62,500 Accounts payable Bonds payable, due Year 2 Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings 325,000 80,000 162.200 $629,700 $ 43,800 100,000 285,000 55.000 58.200 $542,000 The income statement for the current year is as follows: S625,700 340.000 $285,700 $26,000 68.000 Sales Cost of merchandise sold Gross profit Operating expenses: Depreciation expense Other operating expenses Income from operations Other income: Gain on sale of investment Other expense: Interest expense Income before income tax Income tax Net income 94.000 $191,700 $4,000 6.000 (2.000 $189,700 60,700 $129,000 Additional data for the current year are as follows: (a) Fully depreciated equipment costing 560,000 was scrapped, no salvage, and new equipment was purchased for $183,200. 6) Bonds payable for $100.000 were retired by payment at their face amount 5,000 shares of common stock were issued at $13 for cash. (d) Cash dividends declared and paid $25,000. Prepare a statement of cash flow, using the indirect method of reporting cash flows from operating activities
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