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Scully corporation's comparative balance sheets are presented below

30/04/2021 Client: muhammad11 Deadline: 2 Day

Scully Corporation’s comparative balance sheets are presented below.

SCULLY CORPORATION Comparative Balance Sheets December 31 2010 2009 $ 10,700 23,400 26,000 70,000 (10,000) $ 14,300 21,2

Additional information:

1. Net income was $22,630. Dividends declared and paid were $19,500.

2. All other changes in noncurrent account balances had a direct effect on cash flows, except the change in accumulated depreciation. The land was sold for $4,900.

Instructions

(a) Prepare a statement of cash flows for 2010 using the indirect method.

(b) Compute free cash flow.

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