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Statement of Cash Flows-Indirect Method
The following information was obtained from analysis of selected accounts of Orlando Company for the year ended December 31, 2008.
Increase in long-term debt
$ 57,000
Purchase of treasury stock
52,000
Depreciation and amortization
197,000
Gain on sale of equipment (included in net income)
6,000
Proceeds from issuance of common stock
184,000
Purchase of equipment
434,000
Proceeds from sale of equipment
20,000
Payment of dividends
49,000
Net income
375,000
Increase (decrease) in working capital accounts:
Cash
$ 45,000
Accounts receivable
229,000
Inventories
275,000
Trade notes payable
167,000
Accounts payable
124,000
Income taxes payable
(34,000)
Cash balance, January 1, 2008
120,000
Instructions: From the information given, prepare a statement of cash flows using the indirect method.
Record the December business transactions on the cash receipt journal.
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