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Question - Raccoon Collectables provided the following balance sheet and income statement information:
Balance Sheet at December 31:
Year 2
Year 1
Cash
$1,400
$7,200
Accounts receivable
13,500
12,000
Inventory
11,800
4,500
Prepaid insurance
1,200
900
Equipment, net
36,500
38,000
Total assets
$64,400
$62,600
Accounts payable
$13,100
$12,600
Wages payable
7,400
8,000
Long-term note payable
17,000
26,700
Common stock
16,000
Retained earnings
10,900
7,300
Total liabilities & shareholders' equity
Income Statement for Year 2:
Sales $121,800
Cost of goods sold 49,500
Depreciation expense 6,800
Other operating expenses 27,800
Interest expense 2,100
Income taxes expense 8,000
Net income $27,600
Required - Using the financial data for Raccoon Collectables, make the statement of cash flow using the indirect method for Year 2.
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