On the basis of the following data for Grant Co.for 2011 and the preceding year ended December 31,2010,prepare a statement of cash flows.Use the indirect method of reporting cash flows from operating activities.Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000;that the stock was issued for cash;and that the only entries in the retained earnings account were net income of $56,000 and cash dividends declared of $18,000.

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The Answer of On the basis of the following data for Grant Co.for 2011 and the preceding year ended December 31,2010,prepare a statement of cash flows.Use the indirect method of reporting cash flows from operating activities.Assume that equipment costing $125,000 was purchased for cash and equipment costing $85,000 with accumulated depreciation of $65,000 was sold for $15,000;that the stock was issued for cash;and that the only entries in the retained earnings account were net income of $56,000 and cash dividends declared of $18,000.

On the Basis of the Following Data for Grant Co