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Alegre Retail Corporation's most recent comparative Balance Sheet is as follows:
Ending
Beginning
Assets
Cash
$ 7,000
$ 12,000
Accounts receivable, net
11,000
2,000
Merchandise inventory
39,000
24,000
Long-term investments
23,000
9,000
Equipment
83,000
100,000
Accumulated depreciation
(66,000)
(62,000)
Total assets
$97,000
$85,000
Liabilities and Stockholders' Equity
Accounts payable
$ 9,000
$28,000
Taxes payable
1,000
Notes payable
16,000
10,000
Common stock
42,000
30,000
Retained earnings
29,000
15,000
Total liabilities and stockholders' equity
Alegre's net income was $34,000. No direct exchange transactions occurred at Alegre during the year. No equipment was purchased. There was a gain of $3,000 when equipment was sold. The accumulated depreciation on the equipment sold was $12,000. Cash dividends of $20,000 were declaredand paid during the year. Alegre uses the indirect method to prepare its statement of cash flows.
Required:
Prepare Alegre's statement of cash flows.
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