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Question - The followings are accounting items taken from the records of the Biden Company for 2012:
Payment of dividends to stockholders
$48,000
Decrease in accounts payable
$38,000
Decrease in accounts receivable
$42,000
Increase in inventories
$12,000
Increase in salaries payable
$36,000
Net income for 2012
$84,000
Payment for purchase of land and buildings
$120,000
Payment for long-term notes payable (principal amount: 40,000; interest payment: 4,000)
$44,000
Issuance of ten-year bonds payable at par value
$40,000
Depreciation expense
$20,000
Proceeds from sale of patents
$54,000
$300,000
Required: Prepare the statement of cash flows for Biden Company for 2012 using the indirect method.
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