On January 1, 2012, Castlewood Company purchased machinery for its production line for $104,000. Using an estimated
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1. How would the previous transactions be presented on Castlewood's statements of cash flows for the years ended December 31, 2012 and 2013?
2. Why would Castlewood sell at a loss machinery that had a remaining useful life of six years and purchase new machinery with a cost almost twice that of the old?
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1111534912
8th edition
Authors: Gary A. Porter, Curtis L. Norton
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