Net income: $200,000 Depreciation Expense: 100,000 Purchases of plant assets: 100,000 Proceeds
Net income: $200,000Depreciation Expense: 100,000Purchases of plant assets: 100,000Proceeds
on disposals of plant assets: 50,000
Gain on Disposal of plant assets: 8,000
Accounts receivable decreased: 3,000
Accounts payable increased: 4,000
Interest expense: 5,000
Income tax expense: 2,500
Grand issued stock in exchange for an outstanding note payable of $80,000. The cash balance on January 1, 2016 was $37,000. The January 1, 2017 balance for retained earnings was $250,000 and the December 31, 2017 balance for retained earnings was $342,500. Use this information to prepare grand company’s statement of cash flows for the year ended December 31, 2017 using the indirect method
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