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help please im confused Sheridan Company reported the following information for 2022 Liabilities and Stockholders' Equity Sheridan Company Income Statement For the Year Ended December
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Sheridan Company reported the following information for 2022 Liabilities and Stockholders' Equity Sheridan Company Income Statement For the Year Ended December 31, 2022 Sales revenue $943,670 Cost of goods sold $473,040 Operating expenses 232,710 Interest expense 11,940 Income tax expense Net income $158,74065,260 1. Operating expenses include depreciation expense of $39,830. 2. Land was sold at its book value for cash. 3. Cash dividends of $84,990 were declared and paid in 2022. 4. Equipment with a cost of $164,870 was purchased for cash. Equipment with a cost of $50,640 and a book value of $36,300 was sold for $34,320 cash. 5. Bonds of $49,940 were redeemed at their face value for cash. 6. Common stock ( $1 par) of $171,590 was issued for cash. Use this information to prepare a statement of cash flows 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) Step by Step Solution
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