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Please Help with the T-Accounts and the Indirect Method 1. The Murdock Corporation reported the following balance sheet data for 2024 and 2023: Additional information
Please Help with the T-Accounts and the Indirect Method
1. The Murdock Corporation reported the following balance sheet data for 2024 and 2023: Additional information for 2024: 1. Sold available-for-sale debt securities costing $75,000 for $80,600. (Cash from this transaction will be in Investing activities, but don't forget to adjust for the gain in Operating.) 2. Equipment costing $20,000 with a book value of $6,100 was sold for $7,650. 3. Issued 6% bonds payable at face value, $211,000. 4. Purchased new equipment for $156,000 cash. 5. Paid cash dividends of $25,500. 6. Net income was $61,000. All purchases and sales of inventory are on account. Prepare a statement of cash flows for 2024 in good form using the indirect method for cash flows from operating activitiesStep by Step Solution
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