Additional Information: 1 Old plant assets having an original cost of $57,500 and accumulated depreciation...
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Accounting
Additional Information: 1 Old plant assets having an original cost of $57,500 and accumulated depreciation of $48,500 were sold for $1,500 cash. 2. A new plant asset was purchased directly in exchange for common stock valued at $42,000. 3. New bonds were issued at par for $60,000. 4. 2022 Net income was $154,480. 5. A 51,000 prior period adjustment was recorded in 2021 correcting an understatement of depreciation in 2019. The 2021 balance sheet is appropriately restated. 6. The decrease in Long-term Investments was due to a sale of investments at original cost. Required: Prepare a 2022 statement of cash flows using the indirect method. Use your textbook for examples of the cash flow statement in good form. Do not submit supporting computations
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