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Required information (The following information applies to the questions displayed below.) Packard Company engaged in the following transactions during Year 1, its first year of
Required information (The following information applies to the questions displayed below.) Packard Company engaged in the following transactions during Year 1, its first year of operations: (Assume all transactions are cash transactions.) 1) Acquired $1,400 cash from the issue of common stock. 2) Borrowed $870 from a bank. 3) Earned $1,050 of revenues. 4) Paid expenses of $340. 5) Paid a $140 dividend. During Year 2, Packard engaged in the following transactions: (Assume all transactions are cash transactions.) 1) Issued an additional $775 of common stock. 2) Repaid $535 of its debt to the bank. 3) Earned revenues of $1,200. 4) Incurred expenses of $540. 5) Paid dividends of $190. What is the net cash inflow from operating activities that will be reported on Packard's statement of cash flows for Year 1
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