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Question(s) / Instruction(s):

Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:

              
  

 

  
  

December    31,

  
  

 

  
  

2012  

  
  

2011  

  

Current Accounts:

 

 

Current assets:

 

 

  Cash and cash   equivalents

$ 92,100

$ 17,000

  Accounts receivable

64,500

69,200

  Inventories

87,000

80,000

Current liabilities:

 

 

  Accounts payable

57,900

56,200

  Income tax payable

14,400

17,100

Transaction Data for 2012:

 

Issuance of common stock for cash

$ 40,000

Depreciation expense

25,000

Purchase of equipment

75,000

Acquisition of land by issuing   long-term note payable

122,000

Cost basis of building sold

53,000

Payment of note payable

$48,100

Payment of cash dividends

54,000

Issuance of note payable to borrow   cash

67,000

Gain on sale of building

5,500

Net income

70,500

         

Requirement

  • Prepare      Johnson's statement of cash flows using the indirect method.      Include an accompanying schedule of noncash investing and financing      activities.

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