Which of the following statements is correct regarding preparation of the statement of cash flows? a. Amounts reported in the income statement are the same as the cash effects of the items reported. b. There can be no cash inflow or cash outflow without a corresponding change in a noncash account. c. When the sale of an asset results in a gain, the gain will equal the cash flow reported in the investing section of the statement of cash flows. d. All of the choices are correct.
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