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QUESTION
The comparative balance sheets and income statement for Franklin Corporation follow:
Other operating expenses (258,300 )
Net income $ 149,177
Other Information
- Purchased land for $110,900.
- Purchased new equipment for $99,900.
- Sold old equipment that cost $133,850 with accumulated depreciation of $112,650 for $21,200 cash.
- Issued common stock for $55,000.
**********Prepare the statement of cash flows for 2017 using the indirect method. (Amounts to be deducted and cash outflows should be indicated by a minus sign.)
