Colby Company reports net income of $50,000. For the year, depreciation expense is $15,000 and the company reports a gain of $5,000 from sale of

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Colby Company reports net income of $50,000. For the year, depreciation expense is $15,000 and the company reports a gain of $5,000 from sale of machinery. It also had a $3,000 loss from retirement of notes. As a result, cash flows provided by operating activities for the year using the indirect method is $63,000. true/ false

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