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I need help ASAP... Thank you in Advance. This problem is graded! Pearl Inc., had the following condensed balance sheet at the end of operations
I need help ASAP... Thank you in Advance. This problem is graded!
Pearl Inc., had the following condensed balance sheet at the end of operations for 2016. During 2017, the following occurred. A tract of land was purchased for $9, 100. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10,000 in common stock was issued at par. Dividends totaling $9, 400 were paid to stockholders. Net income was $30,000 after allowing depreciation of $13, 600. Land was purchased through the issuance of $22, 500 in bonds. Pearl Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain of $2,000 for the company. No unrealized gains or losses were recorded on these investments in 2017. Both current assets (other than cash) and current liabilities remained at the same amount. Prepare a statement of cash flows for 2017 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).) (b) prepare the condensed statement of financial postion for Pearl inc, as it would appear at December 31, 2017Step by Step Solution
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