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The comparative balance sheets for Ivanhoe Company Ivanhoe Company Comparative Balance Sheets December 31 Assets 2025 2024 Cash $74,800 $49,500 Accounts receivable 55,000 63,800
The comparative balance sheets for Ivanhoe Company Ivanhoe Company Comparative Balance Sheets December 31 Assets 2025 2024 Cash $74,800 $49,500 Accounts receivable 55,000 63,800 Inventory 166,595 156,200 Prepaid expenses 16,808 23,100 Land 159,500 143,000 Buildings 220,000 220,000 Accumulated depreciation-buildings (66,000) (44,000) Equipment 247,500 170,500 Accumulated depreciation-equipment (49,500) (38,500) Total $824,703 $743,600 Liabilities and Stockholders' Equity Accounts payable $49,203 $39,600 Liabilities and Stockholders' Equity Accounts payable $49,203 $39,600 Bonds payable 330,000 330,000 Common stock, $1 par 220,000 176,000 Retained earnings 225,500 198,000 Total $824,703 $743,600 Additional information: 1. Operating expenses include depreciation expense of $46,200 ($22,000 of depreciation expense for buildings and $24,200 for equipment). Land was sold for cash at book value. 2. 3. Cash dividends of $13,200 were declared and paid. 4. Net income for 2025 was $40,700. 5. Equipment was purchased for $101,200 cash. In addition, equipment costing $24,200 with a book value of $11,000 was sold for $8,800 cash. 6. 44,000 shares of $1 par value common stock were issued in exchange for land with a fair value of $44,000. Prepare a statement of cash flows for the year ended December 31, 2025, using the indirect method. (Show amounts that decrease cash flow with either a sign e.g. -15,000 or in parenthesis e.g. (15,000).) IVANHOE COMPANY Statement of Cash Flows - Indirect Method Adjustments to reconcile net income to $ Adjustments to reconcile net income to $
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