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Question - Wave Inc.'s partial Balance Sheet as at December 31, 2021 and December 31, 2020 are as follows:
Partial Statement of Financial Position
12/31/2021
12/31/2020
Inventory
495,000
450,000
Accounts Receivables, net
510,000
600,000
Prepaid Expense
28,800
36,000
Wages payable
79,200
72,000
Short-term investment
429,000
390,000
Accounts Payable
486,000
540,000
Cash
35,100
27,000
Net Income for 2021 was $81,000, which includes interest expense of $24,300 and depreciation expense of $38,880. Thor Inc. follows ASPE. Assume all dividends declared were paid in 2021. Calculate the net cash provided (used) by operating activities for the year ended December 31, 2021.
a. $86,280
b. $61,980
c. $47,400
d. $15,000
e. $78,180
Note payable for $65,000, and a mortgage amounting to $63,000. The cost basis recorded in the buyer's accounting records to recognize this purchase is
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