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Use the following financial statements and additional information. Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange
Use the following financial statements and additional information. Additional Information a. A $37,000 note payable is retired at its $37,000 carrying (book) value in exchange for cash. b. The only changes affecting retained earnings are net income and cash dividends paid. c. New equipment is acquired for $83,000 cash. d. Received cash for the sale of equipment that had cost $69,000, yielding a $6,500 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Prepare the Statement of Cash flows for the year ended June 30, 2019 using the Direct Method. Hint Use the Cash Taccount on the General Ledger tab to identify the sources and uses of cash. List cash outflows as negative values. Cash flows from investing activities: \begin{tabular}{|l|l|l|} \hline Cash received from sale of equipment & & \\ \hline \hline Cash paid for equipment & & \\ \hline \hline Gain on sale of equipment & & \\ \hline \hline Net cash used by investing activities & & \\ \hline Cash flows from financing activities: & & \\ \hline Cash received from stock issuance & & \\ \hline \hline Cash paid to retire notes & & \\ \hline Cash paid for dividends & & \\ \hline \hline & & \\ \hline \hline \end{tabular}
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