chapter 12 question 1

The comparative balance sheets and income statements for Gypsy Company follow. 1. During Year 2 , the company sold equipment for $18,803; it had originally cost $29,100. Accumulated depreciation on this equipment was $10,747 at the time of the sale. Also, the company purchased equipment for $7,330 cash. 2. The company sold land that had cost $3,870. This tand was sold for $3,800, resulting in the recognition of a $70 loss. Also. common stock was issued in exchange for title to land that was valued at $14,100 at the time of exchange. 3. Paid dividends of $10,196 Required Prepare a statement of cash flows using the indirect method. (Cash outflows should be indicated with a minus sign.) Cash flows from investing activities