Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger

Exercise 48

The following balance sheets were taken from the records of Blalock Company:
Additional transactions were as follows:
a. Sold equipment costing $12,000 with accumulated depreciation of $9,000 for $2,000.
b. Retired bonds at a price of $60,000 on December 31.
c. Earned net income for the year of $68,000; paid cash dividends of $20,000.
Statement of Cash Flows
Refer to the information for Blalock Company on the previous page.
Required:
Prepare a statement of cash flows using the indirect method.