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Thank You! Following are selected balance sheet accounts of Del Conte Corporation at December 31,2024 and 2023 , and the increases or decreases in each
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Following are selected balance sheet accounts of Del Conte Corporation at December 31,2024 and 2023 , and the increases or decreases in each account from 2023 to 2024 . Also presented is selected income statement information for the year ended December 31, 2024, and additional information. Additional information: a. Accounts receivable relate to sales of merchandise. b. During 2024 , equipment costing $50,000 was sold for cash. c. During 2024 , bonds payable with a face value of $30,000 were issued in exchange for property, plant, and equipment. There was no amortization of bond discount or premium. Required: Items 1 through 5 represent activities that will be reported in Del Conte's statement of cash flows for the year ended December 31 , 2024. The following two responses are required for each item: \begin{tabular}{|l|l|l|} \hline & \multicolumn{1}{|c|}{ Amount } & \multicolumn{1}{c|}{ Category } \\ \hline 1. Cash collections from customers (direct method). & & \\ \hline 2. Payments for purchase of property, plant, and equipment. & & \\ \hline 3. Proceeds from sale of equipment. & & \\ \hline 4. Cash dividends paid. & & \\ \hline 5. Redemption of bonds payable. & & \\ \hline \end{tabular}Step by Step Solution
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