D. cise 12 Mollowing information is available for Umbrella Corporation for the year ended December 31, 2021: Collection of principal on long tem loan to a supplier Acquisition of equipment for cash Proceeds from the redemption of long term investment at carrying value Issue of common shares for cash Depreciation expense Redemption of bonds payable at amortized cost Payment of cash dividends 40,000 15,000 27,000 25,000 25,000 24,000 14,000 Profit 30,000 Purchase of land by issuing bonds payable 40,000 ddition, the following information is available from the comparative balance sheet for Umbrella at the end of 2020 and 2021: 2,020 2021 102,000 Cash Accounts receivable (net) Prepaid insurance Total curent assets 14,000 15,000 13.000 42000 20,000 A7.000 139.000 Accounts payable Salaries payable Total current fiabilities 25,000 4,000 29.000 19,000 7000 26.000 tructions pare Umbrella's cash flow statement for the year ended December 31, 2021, using the indirect method. ution 12 22-27 min)

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.