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Problem 3: A comparative balance sheet for Talkington Corporation is presented below. 2020 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total December 31
Problem 3: A comparative balance sheet for Talkington Corporation is presented below. 2020 Assets Cash Accounts receivable Inventory Land Equipment Accumulated depreciation-equipment Total December 31 2019 $ 68,000 $ 22,000 82,000 66,000 170,000 189,000 71,000 110,000 280,000 200,000 (74,000) (42,000) $597,000 $545,000 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $ 34,000 150,000 164,000 249,000 $597,000 $ 47,000 200,000 164,000 134,000 $545,000 Additional information: 1. Net income for 2020 was $155,000; there were no gains or losses. 2. Cash dividends of $40,000 were declared and paid. 3. Bonds payable of $50,000 were retired. Instructions: Compute each of the following: 1. Net cash provided by operating activities 2. Net cash provided (used) by investing activities 3. Net cash provided (used) by financing activities
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