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The Company's balance sheet and narrative appear below: TAKE HOME PROBLEM. TO BE TURNED IN AT THE BEGINNING OF CLASS ON 04/06 Comparative Balance Sheet
The Company's balance sheet and narrative appear below: TAKE HOME PROBLEM. TO BE TURNED IN AT THE BEGINNING OF CLASS ON 04/06 Comparative Balance Sheet - Spike Assets 12/31/2015 12/31/2016 Cash 65 $ 47 Accounts Receivable $ 40 $ 40 Inventory $ 43 $ 33 PP&E $ 510 $ 587 Acoum Depi $ (340) $ (360) Total Assets $ 318 $ 347 Net Income for the period was $70. The company sold equipment for $25 that was originally purchased for $30. The sold asset had accumulated depreciation of $25. The company paid a cash dividend during the year and did not issue any bonds payable or repurchase any of its own common stock. 26 20 Liabilities & Equity Accounts Payable Accrued Liabilities Income Tax Payable Bonds Payable Common Stock Retained Earnings Total Liabilities & Equity 30 $ 15 $ 36 $ 170 $ 55 $ 12 $ 318 $ 79 $ 347 Required: Construct, in good form, the company's Statement of Cash Flows for the period, using the indirect method. (15pts)
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