The following are data taken from the records of Durand Company. Additional information: 1. Held-for-collection investments carried
Question:
The following are data taken from the records of Durand Company.
Additional information:
1. Held-for-collection investments carried at a cost of €43,000 on December 31, 2014, were sold in 2015 for €34,000. The loss was incorrectly charged directly to Retained Earnings.
2. Plant assets that cost €60,000 and were 80% depreciated were sold during 2015 for €8,000. The loss was incorrectly charged directly to Retained Earnings.
3. Net income as reported on the income statement for the year was €59,000.
4. Dividends paid amounted to €10,000.
5. Depreciation charged for the year was €28,000.
Instructions Prepare a statement of cash flows for the year 2015 using the indirect method.
Step by Step Answer:
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield