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Problem 12-11A The comparative balance sheets for Bramble Corp. as of December 31 are presented below. Bramble Corp. Comparative Balance Sheets December 31 Assets 2022
Problem 12-11A The comparative balance sheets for Bramble Corp. as of December 31 are presented below. Bramble Corp. Comparative Balance Sheets December 31 Assets 2022 Cash $ 73,440 Accounts receivable 54,000 Inventory 163,566 Prepaid expenses 16,502 Land 156,600 Buildings 216,000 Accumulated depreciation-buildings (64,800) Equipment 243,000 Accumulated depreciation-equipment (48,600) Total $809,708 2021 $ 48,600 62,640 153,360 22,680 140,400 216,000 (43,200 ) 167,400 (37,800 ) $ 730,080 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock, $1 par Retained earnings Total $ 48,308 324,000 216,000 221,400 $809,708 $ 38,880 324,000 172,800 194,400 $ 730,080 Additional information: 1. Operating expenses include depreciation expense of $45,360 ($21,600 of depreciation expense for buildings and $23,760 for equipment). 2. Land was sold for cash at book value. 3. Cash dividends of $12,960 were paid. 4. Net income for 2017 was $39,960. 5. Equipment was purchased for $99,360 cash. In addition, equipment costing $23,760 with a book value of $10,800 was sold for $8,640 cash. 6. 43,200 shares of $1 par value common stock were issued in exchange for land with a fair value of $43,200. Prepare a statement of cash flows for the year ended December 31, 2022, 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).) Bramble Corp. Statement of Cash Flows Adjustments to reconcile net income to Click if you would like to Show Work for this question: Open Show Work
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