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Presented below are data taken from the records of Morganstern Company.December 31,December 31,20122011Cash$15,000$5,000Current assets other than cash105,000129,000Long-term investments60,00050,000Plant assets330,000351,000$510,000$535,000Accumulated depreciation88,000102,000Current liabilities65,00073,000Bonds payable50,000100,000Capital stock173,000153,000Retained earnings134,000107,000$510,000$535,000Additional information:1. Held-to maturity securities carried at a cost of $25,000 on December 31, 2011, werein 2012 for $30,000. The gain (not extraordinary) was incorrectly charged directly to Retained Earnings.2. Fully depreciated plant assets that cost $57,000 were sold during 2012 for $2,000. The gain (not extraordinary) was incorrectly charged directly to Retained Earnings.3. Net income as reported on the income statement for the year was $40,000.4. Dividends paid amounted to $20,000.5. Depreciation charged for the year was $43,000.Required:Prepare a statement of cash flows for the year 2012 using the indirect method.
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