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I need help preparing a Statement of Cash Flows Comparative balance sheets at December 31, 2013 and 2014, for the Morse Company arc shown below.
I need help preparing a Statement of Cash Flows
Comparative balance sheets at December 31, 2013 and 2014, for the Morse Company arc shown below. Additional Information: A fully depreciated plant asset, which originally cost dollar 20,000 and had no salvage value, was sold for dollar 1,000. Bonds payable were issued at par value. Two-thirds of the bonds were exchanged for land; the remaining one-third was issued for cash. Common stock was sold for cash. The only entries in the Retained Earnings account are for dividends paid in the amount of dollar 10,000 and for the net income for the year. Normal depreciation expense was recorded during the year and the franchise was amortized. The income statement for the year is as followsStep by Step Solution
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