Question: Attached are the comparative balance sheets for Junco, Inc. for the years ending December 31,20x5 and 20X6. In addition, the following information is available. JUNCO,
Attached are the comparative balance sheets for Junco, Inc. for the years ending December 31,20x5 and 20X6. In addition, the following information is available. JUNCO, INC. ADDITIONAL INFORMATION FOR PREPARATION OF STATEMENT OF CASH FLOWS FOR YEAR ENDING DECEMBER 31, 20X6 (1) Equipment with an original cost of $40,000 and a book value of $10,000 was sold for (2) |Equipment was purchased during the year. Equipment that cost $20,000 was purchased by (3) Cash dividends of $20,000 were paid in 20X6. All other changes to retained earnings were (4) Long term notes were repaid during the year. $12,000. issuing a long term note payable. The remaining equipment purchased was paid for with cash. due to net income for the year. (5) Stock was issued at par for cash during the year 20x6, using the indirect method
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