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QUESTION 6 (19 marks) Refer to the financial statements of Incom Corporation at the end of this exam. Additional information for the year ended December
QUESTION 6 (19 marks) Refer to the financial statements of Incom Corporation at the end of this exam. Additional information for the year ended December 31, 2017: a. Incom acquired manufacturing equipment of $10,000 during the year. No equipment was sold during the year. b. Cash received from sale of land was $32,000, for a gain of $12,000 on the sale. C. Incom declared and completed a stock dividend valued at $30,000 during 2017, and declared and paid a cash dividend of $19,000 during 2017. d. Incom redeemed $40,000 of bonds during 2017. The bonds were originally issued at par (there is no premium or discount attached to these bonds). e. During 2017, Incom renewed the short-term note payable for another year at the same amount. REQUIRED: Prepare a Statement of Cash Flows for the year ended December 31, 2017 in good form using the indirect method
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