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Joyner Companys income statement for Year 2 follows: Its balance sheet amounts at the end of Years 1 and 2 are as follows: Equipment that

Joyner Companys income statement for Year 2 follows:

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Its balance sheet amounts at the end of Years 1 and 2 are as follows:

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Equipment that had cost $30,500 and on which there was accumulated depreciation of $11,100 was sold during Year 2 for $29,400. The company declared and paid a cash dividend during Year 2. It did not retire any bonds or repurchase any of its own stock.

1)

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2) Prepare a statement of cash flows for Year 2.

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3)
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Sales Cost of goods sold Gross margin Selling and administrative expenses Net Nonoperating items: 718,000 188,000 530,000 218,000 312,000 operating inco me Gain on sale of equipment Income before taxes Income taxes 10,000 322,000 128,800 $193,200 Net income

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