Problem - Condensed financial data of Odgers Inc. follow.
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ODGERS INC. Comparative Balance Sheets December 31
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Assets
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2014
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2013
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Cash
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$ 185,840
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$ 111,320
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Accounts receivable
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201,940
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87,400
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Inventory
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258,750
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236,555
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Prepaid expenses
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65,320
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59,800
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Long-term investments
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317,400
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250,700
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Plant assets
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655,500
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557,750
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Accumulated depreciation
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(115,000)
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(119,600)
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Total
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$1,569,750
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$1,183,925
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Liabilities and Stockholders' Equity
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Accounts payable
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$ 234,600
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$ 154,790
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Accrued expenses payable
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37,950
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48,300
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Bonds payable
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253,000
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335,800
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Common stock
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506,000
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402,500
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Retained earnings
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538,200
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242,535
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Total
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$1,569,750
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$1,183,925
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ODGERS INC. Income Statement Data For the Year Ended December 31, 2014
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Sales revenue
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$893,458
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Less:
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Cost of goods sold
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$311,558
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Operating expenses, excluding depreciation
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28,543
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Depreciation expense
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106,950
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Income tax expense
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62,744
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Interest expense
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10,879
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Loss on disposal of plant assets
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17,250
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537,924
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Net income
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$ 355,534
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Additional information:
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1.
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New plant assets costing $230,000 were purchased for cash during the year.
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2.
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Old plant assets having an original cost of $132,250 and accumulated depreciation of $111,550 were sold for $3,450 cash.
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3.
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Bonds payable matured and were paid off at face value for cash.
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4.
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A cash dividend of $59,869 was declared and paid during the year.
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Prepare a statement of cash flows using the indirect method.