JEM Company’s comparative balance sheets for 2011 and 2012 are
JEM Company’s comparative balance sheets for 2011 and 2012 are provided.,The following additional information is available:,a. Net income for the year 2012 (as reported on the income statement) was $70,000.,b. Dividends of $40,000 were declared and paid.,c. Equipment that cost $24,000 and had a book value of $4,000 was sold during the year for $7,000.,Required:,Based on the information provided, prepare a statement of cash flows for JEM for the year ended December 31, 2012. Use the indirect method to report cash flows from operatingactivities.
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