Comparative financial statement data for Holly Company are given below: December

Question

Comparative financial statement data for Holly Company are given below:

December 31

This year Holly declared and paid a cash dividend. There were no sales of plant and equipment during this year. The company did not repurchase any of its own stock this year.

Using the direct method, convert the company%u2019s income statement to a cash basis. (Adjustment amounts that are to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)

Comparative financial statement data for Holly Company are given below:

Explanation / Answer

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