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Use the balance sheets and additional information for Singer Company to prepare a statement of cash flow on the following page for 2016 using the

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Use the balance sheets and additional information for Singer Company to prepare a statement of cash flow on the following page for 2016 using the indirect method. 2015 2016 $ 10,200 Cash Accounts Receivable Inventory Long-term investments Equipment S30,900 48,300 35,000 20,300 42,000 15,000 150,000 25,000) $212.500 236,500 Accumulated Depreciation 37.700) S313,000 $ 26,500 17,000 $ 19,000 19,000 Long-Term Notes Payable 70,000 130,000 75,000 S313,000 Accounts Payable Accrued Liabilities 50,000 90,000 ommon Stock etained Earnings 29.000 $212,500 Additional Information Net income for 2016 was $80,000. Depreciation expense on the equipment was $12,700. Singer Company sold its long-term investments for $28,000 and paid dividends of $34,000. Singer purchased equipment for $86,500 by paying $26,500 cash and issuing a $60,000 note payable. Singer paid off a $40,000 note by issuing common stock (not cash)

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