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Partial financial statements for 2023 and 2024 for Novak Company are given below: Total assets on Balance sheet at December 31, 2024, are $10636800. Accumulated
Partial financial statements for 2023 and 2024 for Novak Company are given below: Total assets on Balance sheet at December 31, 2024, are $10636800. Accumulated depreciation on the equipment sold was $537600. The book value of the buildings and equipment reported on the December 31, 2024, balance sheet was
Partial financial statements for 2023 and 2024 for Novak Company are given below: Statement of Cash Flows For the Year Ended December 31, 2024 Increase (Decrease) in Cash Cash flows from operating activities Net income $1920000 Adjustments to reconcile net income to net cash provided by operating activities: Increase in accounts receivable $(614400) Increase in accounts payable 307200 Depreciation-buildings and equipment 576000 Gainonsaleofequipment(230400) Amortization of patents Net cash provided by operating activities 1 Total assets on the balance sheet at December 31, 2024 are \$10636800. Accumulated depreciation on the equipment sold was $537600. The book value of the buildings and equipment reported on the December 31, 2024 balance sheet was $4876800.$4992000$5644800$6873600Step by Step Solution
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