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Quickly please The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017. and on
Quickly please
The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017. and on its statement of earnings for the year ended December 31, 2017 Amounts are in milions of dollars 2016 S85 Statements of Financial Position 2017 Cash Accounts receivable Merchandise inventory Long-term investments Property, plant and equipment Accumulated depreciation Total assets Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained eamings Total liabilities and shareholders' equity $ 372 Statement of Earnings Sales Cost of sales (101) Gross profit Depreciation expense Other operating expenses 1270 (425) Eamings from operations Gain on sale of investments Loss on sale of equipment Eaming before income tax Income tax expense Net earnings Additional information is as follows: a Old equipment was sold for cash during 2017. It had an original cost of 557 and an accumulated depreciation of $45. b. A new building was acquired during the year in exchange for a long-term note for $60. payable in five years. In addition, new equipment was purchased for cash Required 1. Prepare a statement of cash fows for Laporte Inc for the year ended December 31, 2017 by using the direct method Neative answers should be indicated by a minus sinn. Enter your answers inStep by Step Solution
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