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The comparative balance sheets and income statements for Gypsy Company follow. Additional Data 1. During Year 2 , the company sold equipment for $18,552; it
The comparative balance sheets and income statements for Gypsy Company follow. Additional Data 1. During Year 2 , the company sold equipment for $18,552; it had originally cost $28,200. Accumulated depreciation on this equipment was $10,298 at the time of the sale. Also, the company purchased equipment for $6,530 cash. 2. The company sold land that had cost $4,770. This land was sold for $4,700, resulting in the recognition of a $70 loss. Also, common stock was issued in exchange for title to land that was valued at $12,800 at the time of exchange. 3. Paid dividends of $10,777. Required Prepare a statement of cash flows using the indirect method. (Cash outflows should be indicated with a minus sign.)
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