Question: only 5,6 Complete the two problems below using Excel. Submit your work in Excel file format on Canvas. You can work in group but individuals
Complete the two problems below using Excel. Submit your work in Excel file format on Canvas. You can work in group but individuals must submit their own files. Problem 1) Prepare Diane's Statement of Cash Flows (in good form) for the year ended December 31, 2020. Diane uses the indirect method. (80pts) 1. During 2020, Diane reported net income of $150,000. 2. During 2020, Diane paid back $20,000 in long-term debt. During 2020, Diane also borrowed $60,000 in long-term debt. 3. During 2020. Diane both bought and sold some property, plant, and equipment (PP\&E). A machine Diane sold during 2020 originally cost her $25,000. Diane sold the PP\&E for $10,000. At the time of the sale, the PP\&E had accumulated depreciation of $18,000. Diane spent $115,000 in purchases of PP\&E. 4. During 2020, Diane issued 1,000 \$5 par common stock for $26,000. 5. During 2020, Diane declared $100,000 in dividends and paid $75,000 cash dividends. 6. Depreciation expense for 2020 is $48,000
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