comparative balance sheet accounts of sharpe company are present 242630

Comparative balance sheet accounts of Sharpe Company are presented below.

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Additional data:

1. Equipment that cost $10,000 and was 60% depreciated was sold in 2012.

2. Cash dividends were declared and paid during the year.

3. Common stock was issued in exchange for land.

4. Investments that cost $35,000 were sold during the year.

5. There were no write-offs of uncollectible accounts during the year.

Sharpe’s 2012 income statement is as follows.

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Instructions

(a) Compute net cash provided by operating activities under the direct method.

(b) Prepare a statement of cash flows using the indirectmethod.

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