A flood damaged a building and contents. The receipts from insurance companies totaled $611000, which was $173000
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Question:
A flood damaged a building and contents. The receipts from insurance companies totaled $611000, which was $173000 less than the book values. The tax rate is 25%. On the statement of cash flows (indirect method), the receipts from insurance companies should
a. be shown as an inflow from investing activities of $438000.
b. be shown as an addition to net income of $438000.
c. be shown as an inflow from investing activities of $611000
d. not be shown.
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