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Presented below are data taken from the records of Nash Company. 1. Held-to-maturity securities carried at a cost of $43, 200 on December 31, 2016,
Presented below are data taken from the records of Nash Company. 1. Held-to-maturity securities carried at a cost of $43, 200 on December 31, 2016, were sold in 2017 for $34, 000. The loss (not unusual) was incorrectly charged directly to Retained Earnings. 2. Plant assets that cost $50, 000 and were 80% depreciated were sold during 2017 for $7, 900. The loss was incorrectly charged directly to Retained Earnings. 3. Net income as reported on the income statement for the year was $56, 700. 4. Dividends paid amounted to $12, 800. 5. Depreciation charged for the year was $20, 300. Prepare a statement of cash flows for the year 2017 using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g.-15, 000 or in parenthesis e.g. (15 000).)
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