1. The income statement for Kosinski Manufacturing Company contains the following condensed information.
KOSINSKI MANUFACTURING COMPANY
Income Statement
For the Year Ended December 31, 2012
| Sales revenue | $6,583,000 | |
| Operating expenses, excluding depreciation | $4,920,000 | |
| Depreciation expense | 880,000 | 5,800,000 |
| Income before income taxes | 783,000 | |
| Income tax expense | 353,000 | |
| Net income | $ 430,000 |
Included in operating expenses is a $24,000 loss resulting from the sale of machinery for $270,000 cash. Machinery was purchased at a cost of $750,000. The following balances are reported on Kosinski’s comparative balance sheet at December 31.
KOSINSKI MANUFACTURING COMPANY
Comparative Balance Sheets (partial)
| 2012 | 2011 | |
| Cash | $672,000 | $130,000 |
| Accounts receivable | 775,000 | 610,000 |
| Inventory | 834,000 | 867,000 |
| Accounts payable | 521,000 | 501,000 |
Income tax expense of $353,000 represents the amount paid in 2012. Dividends declared and paid in 2012 totaled $200,000.
Instructions
Prepare the statement of cash flows using the direct method.
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