GAINS AND LOSSES ON THE SALE OF LONG-TERM ASSETS The income statement for Leadbetter's Golf Camp follows.
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GAINS AND LOSSES ON THE SALE OF LONG-TERM ASSETS The income statement for Leadbetter's Golf Camp follows. Assume that all revenues and expenses were for cash and that land was sold for $600. There were no other investing or financing activities during the year. The Cash balances at the beginning and end of the year were $1,000 and $3,600, respectively. Prepare a statement of cash flows under the indirectmethod.
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