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The comparatlve balance sheets and income statements for Gypsy Company follow Aoditional Data 1. During Year 2 , the company sold equlpment for $21,500; it
The comparatlve balance sheets and income statements for Gypsy Company follow Aoditional Data 1. During Year 2 , the company sold equlpment 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 $29,000 cash 2. The company sold land that had cost $6,000. This land was sold for $5,900, resulting in the recognition of a $100 loss. Also. common stock ws Issued in exchange for title to land that was valued at $22,000 at the time of exchange. 3. Paid dividends of $12,400. Required Prepare a statement of cash flows using the Indirect method. (Cash outflows should be Indicated with a minus sign.)
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