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The balance sheets for Russ & Company showed the following information. Additional information concerning transactions and events during 2019 are presented below. Russ & Company
The balance sheets for Russ & Company showed the following information. Additional information concerning transactions and events during 2019 are presented below. Russ & Company Balance Sheet December 31 2019 38,500 41,200 35,000 0 2018 $ 7,700 20,300 42,000 15,000 150,000 (25,000) $210,000 Cash Accounts receivable (net) Inventory Long-term investments Property, plant & equipment Accumulated depreciation 236,500 (37,700) $313.500 Accounts payable Accrued liabilities 17.750 20,250 70,000 140,000 65,500 $313.500 $26,500 17,000 50,000 90,000 26,500 $210.000 Long-term notes payable Common stock Retained earnings Additional data: 1. Net income for the year 2019, $64,000 2. Depreciation on plant assets for the year, $12,700 3. Sold the long-term investments for $33,000 (assume gain or loss is ordinary) 4. Paid dividends of $25,000. 5. Purchased machinery costing $26,500, paid cash 6. Purchased machinery and gave a $60,000 long-term note payable 7. Paid a $40,000 long-term note payable by issuing common stock. Instructions: Using the format provided on the next page, prepare a statement of cash flows (using the indirect method) for 2019 for Russ & Company. Please attach your supporting calculations or spreadsheets
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