Durrand Corporation's accumulated depreciation increased by $14,572, while patents decreased by $3,792 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 $3,162 from the sale of land. Reconcile net income of $53,794 to net cash flows from operating activities.

FINANCIAL ACCOUNTING
10th Edition
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Chapter1: Financial Statements And Business Decisions
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A6

Durrand Corporation's accumulated depreciation increased by $14,572, while patents decreased by $3,792 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 $3,162 from the sale of land. Reconcile net
income of $53,794 to net cash flows from operating activities.
Transcribed Image Text:Durrand Corporation's accumulated depreciation increased by $14,572, while patents decreased by $3,792 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 $3,162 from the sale of land. Reconcile net income of $53,794 to net cash flows from operating activities.
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