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The following financial statements were furnished by Patton Company:
Patton CompanyIncome StatementFor the Year Ended November 30, 2011Sales .................$40,700Less cost of goods sold ...........(13,200)Gross margin ...............27,500Less wage expense ............(10,600)Less other operating expenses .......(1,130)Less depreciation expense ..........(3,560)Net income (loss) ............$12,210In 2011, Patton purchased equipment for $25,000 and sold some equipment for its book value (i.e., no gain or loss resulted).
Required:
a. Prepare a statement of cash flows using the indirect method.
b. Prepare the operating portion of Patton's cash flow statement using the direct method.
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