New equipment purchased during 20x4 totaled $280,000. The 20x4 income statement disclosed equipment depreciation expense of $41,000
Question:
1. Determine the cost and accumulated depreciation of the equipment sold during 20X4.
2. Determine the selling price of the equipment sold.
3. Show how the sale of equipment would appear on a statement of cash flows prepared by using the indirect method.
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Related Book For
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
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