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Blackwell Company's income statement for 2020 consisted of: ...

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Accounting

Blackwell Company's income statement for 2020 consisted of:

Revenues

1,220,000

Cost of goods sold

627,000

Operating expenses

295,000

Depreciation expense

60,000

Interest expense

26,000

Gain on the sale of machinery

(12,000)

Loss on the sale of investments

8,000

1,004,000

Income before income tax

216,000

Income tax expense

40,000

Net income

176,000

Blackwell's comparative balance sheet information for 2020 included:

12/31/20

12/31/19

Accounts receivable

268,000

257,000

Accounts payable

47,000

42,000

Income taxes payable

17,000

13,500

Interest payable

9,000

7,500

Bonds payable

500,000

500,000

Discount on bonds payable

26,000

28,000

Prepare the Cash flows from operating activities section of Blackwell's 2020 Statement of Cash Flows using the indirect method

and the required disclosures for interest and income tax expense.

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