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The following cash flows and other information pertain to Elon Company for 2020: Collections from...

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Accounting

The following cash flows and other information pertain to Elon Company for 2020: Collections from customers $65,000 Net income 12,000 Cost of goods sold 46,000 Payments of interest 3,500 Decrease in inventory 8,000 Payments to suppliers 14,000 Depreciation expense 1,500 Proceeds from sale of equipment 15,000 Dividends received 2,000 Proceeds from sale of stock 25,000 Interest collected 2,500

Required: Prepare the operating activities section of the statement of cash flows for 2020, using the direct method.

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