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Please clearly show all work. A comporethe bslsnce sheet for Lomsx Compony contsining dots for the lest two yesrs is es follows: The following soditionsi
Please clearly show all work.
A comporethe bslsnce sheet for Lomsx Compony contsining dots for the lest two yesrs is es follows: The following soditionsi Informetion is evolable sbout the compony's activities during this year: 3. The compony decised and pold a cash dividend this year b. Bonds with o princlpsi belsuce of $350,000 were repeid during this yeer c. Equlpment was sold during this yesr for $70,000. The equlpment had cost $130,000 snd hsd $40,000 in sceumul ated deprecistion an the date of sole. d. Long-term livestments were sold during the yeor for $110,000. These investments hsd cost $50,000 when purchssed severel yesrs sgo. e. The subsidisres did not repsy sny outstsnding losns during the yesr. f Lamsx did not repurchese sryy of its own stock during the yesr. The compony reported net income this year as follows: Requlred: 1. Using the Indirect method, prepsre s statement of cesh flows for this yeor (List ony deduction In cosh ond cash outflows as negetive smounts.)Step by Step Solution
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