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Presented here are the financial statements of Concord Company. Additional data: 1. Depreciation expense was $16,600. 2. Dividends declared and paid were $22,860. 3. During
Presented here are the financial statements of Concord Company. Additional data: 1. Depreciation expense was $16,600. 2. Dividends declared and paid were $22,860. 3. During the year, equipment was sold for $7,700 cash. This equipment originally cost $18,000 and had accumulated depreciation of $10,300 at the time of sale. 4. Bonds were redeemed at their carrying value. 5. Common stock was issued at par for cash. Prepare a statement of cash flows 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).) CONCORD COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 Cash Flows from Operating Activities Net Income $ 32,560 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense Increase in Accounts Receivable Increase in Inventory Increase in Accounts Payable Decrease in Income Taxes Payable Net Cash Provided by Operating Activities Cash Flows from Investing Activities Sale of Equipment Net Cash Provided by Investing Activities Cash Flows from Financing Activities Redemption of Bonds Payment of Dividends Issuance of Common Stock Net Cash Used by Financing Activities Net Increase in Cash Cash at Beginning of Period Cash at End of Period Compute free cash flow. (Enter negative amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Free Cash Flow
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