(Solution) - Condensed financial data for Next Wave Company follow NEXTWAVE COMPANY Comparative Statement -(2025 Original AI-Free Solution)

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Condensed financial data for Next Wave Company follow:
NEXTWAVE COMPANY
Comparative Statement of Financial Position

NEXTWAVE COMPANY
Statement of Earnings Data
For the year ended December 31, 2011
Additional information:
1. Some of the long-term investments were sold at their book value (or carrying value). As a result, there was no gain or loss on this transaction.
2. Equipment costing $47,000 was sold for $10,500, which was $3,700 more than its book value at the time of disposal.
Required:
a. Prepare the company's statement of cash flows for 2011.
b. Calculate the amount of cash that was paid for income taxes during 2011.