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The comparative balance sheets of Tait Corp. are presented below: Net Income during the year was $15,000. Dividends of $5,000 were declared and paid during
The comparative balance sheets of Tait Corp. are presented below: Net Income during the year was $15,000. Dividends of $5,000 were declared and paid during the year. Plant assets that originally cost $50,000 and had a book value of $30,000 were sold during the year for $25,000 in cash. Also, some new plant assets were purchased during the year for $125,000 in cash. Land was sold for $115,000 during the year. (No new Land was purchased during the year.) A portion of the bank loan was repaid during the year. Prepare a statement of cash flows for Tait Corp. for the year-ended December 31, 2017 using the Indirect Method as illustrated in class
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