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Taguchi

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E13-8 Here are comparative balance sheets for Taguchi Company.

TAGUCHI COMPANY
Comparative Balance Sheets
31-Dec
Assets 2011 2010
Cash  73,000  22,000
Accounts Receivable  85,000  76,000
Inventories  170,000  189,000
Land  75,000  100,000
Equipment  260,000  200,000
Accumulated Depreciation  (66,000)  (32,000)
   Total  597,000  555,000
Liabilities and Stockholders’ Equity
Accounts payable  39,000  47,000
Bonds payable  150,000  200,000
Common stock ($1 par)  216,000  174,000
Retained earnings  192,000  134,000
Total  597,000  555,000

Additional information:
1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.

Instructions
Prepare a statement of cash flows for 2011 using the indirect method.

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