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Problem - The balance sheets for Ehrlich Company showed the following information. Additional information concerning transactions and events during 2021 are presented below.
Ehrlich Company Balance Sheet December 31
2021
2020
Cash
$30,900
$10,200
Accounts receivable (net)
43,300
20,300
Inventory
31,000
40,000
Supplies
4,000
2,000
Long-term investments
0
15,000
Property, plant & equipment
236,500
150,000
Accumulated depreciation
(37,700)
(25,000)
$308,000
$212,500
Accounts payable
$17,000
$26,500
Accrued liabilities
21,000
17,000
Long-term notes payable
110,000
50,000
Common stock
95,000
90,000
Retained earnings
65,000
29,000
Additional data -
1. Net income for the year 2021, $61,000.
2. Depreciation on plant assets for the year, $12,700.
3. Sold the long-term investments for $33,000.
4. Paid dividends.
5. Purchased machinery costing $26,500, paid cash.
6. Purchased machinery and gave a $60,000 long-term note payable.
Required - Make a statement of cash flows (using the indirect method) for 2021 for Ehrlich Company. Show your calculations.
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