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Current Attempt in Progress Condensed financial data follow for Cullumber Ltd. Cullumber reports under ASPE. Additional information: 1. New equipment costing $136,000 was purchased for
Current Attempt in Progress Condensed financial data follow for Cullumber Ltd. Cullumber reports under ASPE. Additional information: 1. New equipment costing $136,000 was purchased for $40,000 cash and a $96,000 note payable. 2. Equipment with an original cost of $92,000 was sold at a loss of $12,000. 3. Notes payable matured during the year and were repaid. 4. A long-term investment was acquired for cash. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)
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