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Valentine Co Income Statement For the Year Ended December 31, 2017 Sales Cost of Goods Sold Gross Profit Wage Expense Depreciation Expense Selling, General &

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Valentine Co Income Statement For the Year Ended December 31, 2017 Sales Cost of Goods Sold Gross Profit Wage Expense Depreciation Expense Selling, General & Admin. Exp Operating Income Other Revenues and Expenses $33s,57s 173,200 162,375 55,200 28,070 5.830 43,275 $11,400 2,000 Interest Expense Gain on Sale of Equipment2 Income before Tax Income Tax Expense Net Income 9,400 33,875 6,775 $27.100 Equipment that had a cost of$20.100 and was 70% depreciated was sold during 2017. . No Land was sold during the year The company repaid principal on its notes payable during the year. There were no issuances of notes payable during the year Dividends were declared and paid during the year. . Required: using the indirect method to calculate cash flows from operations. Please use the template provided on page 19 for your answer. a) Prepare the entire Statement of Cash Flows for Valentine Co. for the year ended December 31, 2017 Prepare only the ended December 31, 2017 using the use the tem THE OPERATING SECTION; NOT THE INVESTING AND FINANCING SECTION. only the Operating Section of the sathod to callcash flows from oPARE Statement of Cash Flows for Valentine Co. for the year b) direct method to calculate cash flows from operations. Please plate provided on page 21 for your answer. NOTE YOU ONLY NEED TO PREPARE

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