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Hello Experts, I need help with my accounting assignment. I will appreciate you, Thanks. Additional Information: Old plant assets having an original cost of $57,
Hello Experts,
I need help with my accounting assignment. I will appreciate you, Thanks.
Additional Information: Old plant assets having an original cost of $57, 500 and accumulated depreciation of $48, 500 were sold for $1, 500 cash. A new plant asset was purchased directly in exchange for common stock valued at $42,000. New bonds were issued at par for $60,000. 2018 Net income was $154, 480. A $1,000 prior period adjustment was recorded in 2018 to correct an understatement of depreciation in 2015. The 2017 balance sheet is appropriately restated. The increase in Long-term Investments was due to a purchase of investments. Prepare a 2018 statement of cash flows using the indirect method. Use the textbook format (pages 1, 339, 1, 342, 1, 345). Do not submit supporting computationsStep by Step Solution
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