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Question - Condensed financial data of Odgers Inc. follow.
ODGERS INC. Comparative Balance Sheets December 31
Assets
2014
2013
Cash
$ 185,032
$ 110,836
Accounts receivable
201,062
87,020
Inventory
257,625
235,527
Prepaid expenses
65,036
59,540
Long-term investments
316,020
249,610
Plant assets
652,650
555,325
Accumulated depreciation
(114,500)
(119,080)
Total
$1,562,925
$1,178,778
Liabilities and Stockholders' Equity
Accounts payable
$ 233,580
$ 154,117
Accrued expenses payable
37,785
48,090
Bonds payable
251,900
334,340
Common stock
503,800
400,750
Retained earnings
535,860
241,481
ODGERS INC. Income Statement Data For the Year Ended December 31, 2014
Sales revenue
$889,573
Less:
Cost of goods sold
$310,203
Operating expenses, excluding depreciation
28,419
Depreciation expense
106,485
Income taxes
62,471
Interest expense
10,832
Loss on disposal of plant assets
17,175
535,585
Net income
$ 353,988
Additional information -
A. New plant assets costing $229,000 were purchased for cash during the year.
B. Old plant assets having an original cost of $131,675 and accumulated depreciation of $111,065 were sold for $3,435 cash.
C. Bonds payable matured and were paid off at face value for cash.
D. A cash dividend of $59,609 was declared and paid during the year.
Further analysis reveals that accounts payable pertain to merchandise creditors.
Required - Prepare a statement of cash flows for Odgers Inc. using the direct method.
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