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The comparatlve balance sheets and Income statements for Gypsy Company follow. Additional Data 1. During Year 2, the company sold equipment for $21,500; it had
The comparatlve balance sheets and Income statements for Gypsy Company follow. Additional Data 1. During Year 2, the company sold equipment for $21,500; it had originally cost $36,000. Accumulated depreciation on this equipment was $16,000 at the time of the sale. Also, the company purchased equipment for $29,000cash. 2. The company sold land that had cost $6.000. This land was sold for $5,900, resulting in the recognition of a $100 lass. Also, common stock was issued in exchange for title to land that was valued at $22.000 at the time of exchange. 3. Paild dividends of $12,400. Requlred Prepare a statement of cash flows using the Indirect method. (Cash outflows should be Indicated with a minus sign.) GYPSY COMPANY Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flows from operating activities: Net income Less: Increases in current assets and decreases in current liabilities \begin{tabular}{|l|l|l|} \hline & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Plus. Noncash charges
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