Statement of Cash Flows, Indirect Method The following balance sheets are taken from the records of Golding Company (numbers are expressed in thousands):
Additional information is as follows: (a) Equipment costing $10,000,000 was purchased at yearend. No equipment was sold; and (b) Net income for the year was $25,000,000; $10,000,000 in dividends were paid.
1. Prepare a statement of cash flows using the indirect method.
2. Conceptual Connection: Assess Golding’s ability to use cash to acquire Lemmons Company. Consider the information in Exhibit 15-2 (p. 635) and Cornerstone 15-6 (p. 639) as part of your analysis.
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