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Sonic Company has the following items, 1 through 5, in the current year. For each item, indicate the appropriate classification on the statement of
Sonic Company has the following items, 1 through 5, in the current year. For each item, indicate the appropriate classification on the statement of cash flows, selecting from a through f. 1. Issuance of common stock for cash. 2. Receipt of cash from customers for payments on account. 3. Payment on bonds payable. 4. Cash paid for employee salaries. 5. Purchase of equipment for cash.
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