Durrand Corporation's accumulated depreciation increased by $10,151, while patents decreased by $2,065 between consecutive balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,345 from the sale of land. Reconcile net income of $56,563 to net cash flows from operating activities.
Durrand Corporation's accumulated depreciation increased by $10,151, while patents decreased by $2,065 between consecutive balance sheet dates. There were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,345 from the sale of land. Reconcile net income of $56,563 to net cash flows from operating activities.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Durrand Corporation's accumulated depreciation increased by $10,151, while patents decreased by $2,065 between consecutive balance sheet dates. There
were no purchases or sales of depreciable or intangible assets during the year. In addition, the income statement showed a gain of $3,345 from the sale of
land. Reconcile net income of $56,563 to net cash flows from operating activities.
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