The T accounts for Equipment and the related Accumulated DepreciationEquipment for Luo Company at the end of 2020 are shown here In addition, Luos income statement reported a loss on the disposal of plant assets of $6,500 What amount was reported on the statement of cash flows as cash flow from sal...

Original cost of equipment sold 22000 Less Accumulated depreciation 550 ...

The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Luo Company at the end of 2020

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The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2020 are shown here.

Accumulated Depreciation-Equipment 5,500 | Beg. bal. Depr. exp. End. bal. Equipment 80,000 Disposals Beg. bal. Acquisiti

In addition, Luo’s income statement reported a loss on the disposal of plant assets of $6,500. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”?

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Accounting Principles

ISBN: 978-1119411482

13th edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Jun 28, 2019 07:18 AM

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The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Luo Company at the end of 2020

Question:

Accumulated Depreciation-Equipment 5,500 | Beg. bal. Depr. exp. End. bal. Equipment 80,000 Disposals Beg. bal. Acquisitions Disposals 22,000 44,500 12,000 41,600 End. bal. 51,000 99,600

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Accounting Principles

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