Question: Data for Norman NV are presented in E23.5. Instructions Prepare the operating activities section of the statement of cash flows using the indirect method. Service

Data for Norman NV are presented in E23.5.

Instructions
Prepare the operating activities section of the statement of cash flows using the indirect method.

Service revenue 840,000 Operating expenses (excluding depreciation) 624,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 130,000 Income tax expense 40,000 90,000 Net income

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