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The comparative balance sheet of Pun Corporation for December 31, 20Y4 and 20Y3, is as follows: Assets 20Y4 20Y3 Cash $ 95,000 $125,000 Accounts Receivable,
The comparative balance sheet of Pun Corporation for December 31, 20Y4 and 20Y3, is as follows: Assets 20Y4 20Y3 Cash $ 95,000 $125,000 Accounts Receivable, Net 34,000 29,000 Inventory 17,000 21,000 Supplies 11,000 8,000 Equipment 76,000 68,000 Total Assets Liabilites Accumulated Depreciation Copyrights $ 256,000 $262,000 (46,000) (41,000) 69,000 52,000 Accounts Payable Accrued Expenses (operating expenses) Dividends Payable Notes Payable, Long-Term 14,000 20,000 11,000 9,000 36,000 27,000 70,000 110,000 Total Liabilities $ 131,000 $ 166,000 Stockholders' Equity Common Stock, $20 par Retained Earnings Total Stockholders' Equity 80,000 60,000 45,000 36,000 $ 125,000 $ 96,000 Total Liabilities and Stockholders' Equity $ 256,000 $ 262,000 An examination of the accounting records revealed the following additional information applicable to 20Y4: Net income of $30,000 was recorded for 20Y4. Equipment with an original cost of $16,000 with $7,000 of accumulated depreciation was sold for $10,000. . A copyright was acquired by issuing a long-term note payable. Amortization of $8,000 was recorded on the copyrights during 20Y4. No copyrights were sold during 20Y4. The only note payable issued during 20Y4 was for the copyright acquisition. Stock was issued for cash. No retirements of stock were made during the year. Required: Prepare Pun Corporation's 20Y4 cash flow statement using the indirect method. You MUST show the T- Accounts AND/OR supporting calculations for ALL numbers
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