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The comparative balance sheets and income statements for Gypsy Company follow. 1. During Year 2, the company sold equipment for $18,233; it had originally cost

The comparative balance sheets and income statements for Gypsy Company follow.image text in transcribed

1. During Year 2, the company sold equipment for $18,233; it had originally cost $29,400. Accumulated depreciation on this equipment was $11,817 at the time of the sale. Also, the company purchased equipment for $7,480 cash.

2. The company sold land that had cost $4,260. This land was sold for $4,200, resulting in the recognition of a $60 loss. Also, common stock was issued in exchange for title to land that was valued at $10,800 at the time of exchange.

3. Paid dividends of $9,628. Required Prepare a statement of cash flows using the indirect method. (Cash outflows should be indicated with a minus sign.) image text in transcribed

Extra Information: -The cells highlighted in blue, are required to be filled in. Any other cell you may leave blank. -The entire first row of cells on the left-hand side are all drop-down menus requiring words and NOT numbers. Here is an example of what I mean: image text in transcribed Please, if you can: fill out this problem in the same format that the cash flow statement is given in.

Decrease in accounts payable Decrease in accounts receivable Decrease in inventory Depreciation expense

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