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Condensed financial data of Lemere Inc. follow.
Additional information:
1. New plant assets costing $100,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash.
3. Bonds payable matured and were paid off at face value for cash.
4. A cash dividend of $26,030 was declared and paid during the year.
Instructions
Prepare a statement of cash flows using the indirect method.
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b. Is intended to substitute for filing income tax returns to the Internal Revenue Service in determining the amount of income taxes owed by a business organization.
consider net capital expenditures as the total amount of cash spent on obtaining capitalizable non-current assets minus
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