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Income Statement For the Year Ended December Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating

Income Statement For the Year Ended December Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Rent expense Salaries expense Other operating expenses Net income 31, 2017 $ 480,000 (264,000) 216,000 (11,400) (7,000) (95,200) (76,000) $ 26,400 Other Information 1. Purchased land for $66,000. 2. Purchased new equipment for $62,000. 3. Sold old equipment that cost $66,000 with accumulated depreciation of $56,000 for $10,000 cash. 4. Issued common stock for $30,000. Required Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

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