Milner Co. sold a machine that cost $79,000 and had a book value of $35,000 for $64,000.
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Milner Co. sold a machine that cost $79,000 and had a book value of $35,000 for $64,000. Data from Milner's comparative balance sheets are:
12/31/15 | 12/31/14 | |||
Machinery | $832,000 | $692,000 | ||
Accumulated depreciation | 167,000 | 112,000 |
Complete the cash flow statement below: (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Milner Co. Partial Statement of Cash Flows For the Year Ended December 31, 2015 | ||
Cash flows from operating activities | ||
Sale of Machinery Loss on Sale of Machinery Depreciation Expense Gain on Sale of Machinery Purchase of Machinery | $ | |
Purchase of Machinery Depreciation Expense Gain on Sale of Machinery Loss on Sale of Machinery Sale of Machinery | ||
Cash flows from investing activities | ||
Purchase of Machinery Depreciation Expense Gain on Sale of Machinery Sale of Machinery Loss on Sale of Machinery | ||
Purchase of Machinery Sale of Machinery Depreciation Expense Gain on Sale of Machinery Loss on Sale of Machinery |
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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