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Journal Entries/Problems-Test #5 1.) The Income Statement of the Olivet Co. disclosed the following items...

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Journal Entries/Problems-Test #5 1.) The Income Statement of the Olivet Co. disclosed the following items for 2016: Depreciation Expense Gain on the sale of production equipment Net Income 57,600 33,600 $508,000 Balances of the Current Assets and Current Liability accounts changed between December 31, 2015 and December 31, 2016 as follows: Accounts Receivable Inventory Prepaid Insurance Accounts Payable Income Taxes Payable Dividends Payable 8960 -5120 -1920 -6080 1410 2200 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method

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