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please answer The comparative balance sheets for Novak Corporation show the following information. Prepare a statement of cash flows using the indirect method. (Show amounts
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The comparative balance sheets for Novak Corporation show the following information. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign eg-15,000 or in porenthesis es. (15,000) ) Additional data related to 2020 are as follows. 1. Equipment that had cost $11,100 and was 40% depreciated at time of disposal was sold for $2,500. 2. $10,000 of the long-term note payable was paid by issuing common stock. 3. Cash dividends paid were $5,000. 4. On January 1,2020 , the building was completely destroyed by a flood. Insurance proceeds on the building were $29,700 (net of $2,100 taxes). 5. Debt investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past. 6. Cash was paid for the acquisition of equipment. 7. A long-term note for $16,000 was issued for the acquisition of equipment. 8. Interest of $2,000 and income taxes of $6,600 were paid in cash. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sigieg-15,000 or in parenthesis es (15,000)) Step by Step Solution
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