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I need help solving this problem please Coronado Inc., had the following condensed balance sheet at the end of operations for 2016. During 2017, the
I need help solving this problem please
Coronado 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 $8, 900. Bonds payable in the amount of $15,000 were redeemed at par. An additional $10, 100 in common stock was issued at par. Dividends totaling $9, 300 were paid to stockholders. Net income was $30, 600 after allowing depreciation of $13, 600. Land was purchased through the issuance of $22, 700 in bonds. Coronado 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).)Step by Step Solution
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