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Question 2 The comparative balance sheets for Blue Spruce Corp. as of December 31 are presented below. Blue Spruce Corp. Comparative Balance Sheets December 31
Question 2 The comparative balance sheets for Blue Spruce Corp. as of December 31 are presented below. Blue Spruce Corp. Comparative Balance Sheets December 31 Assets Cash Accounts recelvable 2017 2016 $90,168 $59,670 66,300 76,908 200,823 188,292 20,261 27,8146 92.270 172.380 265,200 265,200 Prepald expenses Accumulated depreclation-buildings (79,50 Equipment Accumulated depreciation-equipment (59.670] Total (53040) 298350 205530 (46,410} $994,142 $896,376 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock $1 par Retained earnings $59,312 $47,736 397,800 397800 265,200 212,160 271,830 23B.680 $994,142 $896,376 Additional Information: 1. Operating expenses include depreciation expense of $ 55,692. 2 Land was sold for cash at book value. 3. Cash dividends of $15,912 were paid. 4. Net income for 2017 was $49,062 S. Equipment was purchased for $121,992 cash. In addition, equipment costing$ 29,172 with a book value of $13,260 was sold for $10,608cash. 6. 53,040 shares of $1 par value commonstock were issued in exchange for land with a fair value of $ 53,040. Prepare a statement of cash flows for the year ended December 31,2017, using the indirect method. (Show amounts that decrease cash flow with either a-sineg.-15,000 or in parenthesis es. (15,000)
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