Question: Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. Additional information: 1. Net income for 2020 was $97,000. 2.

of cash flows-indirect method. Additional information: 1. Net income for 2020 was

$97,000. 2. Cash dividends of $34,000 were declared and paid. 3. Bonds

payable amounting to $57,000 were redeemed for cash $57,000. 4. Common stock

was issued for $42.000 cash. 5. Equipment that cost $45,000 and had

Here are comparative balance sheets for Migitsu Company. Prepare a statement of cash flows-indirect method. Additional information: 1. Net income for 2020 was $97,000. 2. Cash dividends of $34,000 were declared and paid. 3. Bonds payable amounting to $57,000 were redeemed for cash $57,000. 4. Common stock was issued for $42.000 cash. 5. Equipment that cost $45,000 and had a book value of $27,000 was sold for $3,000 during 2020; land was sold at cost. MIGITSUCOMPANY Statement of Cash Flows Adjustments to reconcile net income to 4: (1) $ 10 i. : 4 +

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