The three accounts shown below appear in the general ledger of herrick Corp during 2017.
Equipment
Date Debit Credit Balance
Jan 1 Balance 160,000
July 31 Purchase of equipment 70,000 230,000
Sept 2 Cash of equipment constructed 53,000 283,000
Nov 10 Cost of equipment sold 49,000 234,000
Accumulated Depreciationequipment
Date Debit Credit Balance
Jan 1 Balance 71,000
Nov 10 Accumulated depreciation on 30,000 41,000
equipment sold
Dec 31 Depreciation for year 28,000 69,000
Retained Earnings
debit Credit Balance
Date
Jan 1 Balance 105,000
Aug 23 Dividends (cash) 14,000 91,000
Dec 31 Net Income 77,000 168,000
Instructions
From the Postings in the accounts, indicate how the information is reported on a statement of cash flows using the indirect method. The loss on disposal of equipment was $7,000 (hint. Cost of equipment constructed in reported in the investing activities section as decrease in cash of $53,000
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