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Posted: May 7th, 2023
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8 ?Loss on sale of building 3 ?Income tax expense 17 178 Net income $ 25 Additional information from the accounting records: · A building that originally cost $40,000, and which was three-fourths depreciated, was sold for $7,000. · The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment. · Property was acquired by issuing a 13%, seven-year, $30,000 note payable to the seller. · New equipment was purchased for $15,000 cash. · On January 1, 2016, bonds were sold at their $25,000 face value. · On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time. · Cash dividends of $13,000 were paid to shareholders. · On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $8,000. Required: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.)College students want the best grades in their courses and that’s our FOCUS
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