Brief Exercise $14-29$ Cash Flows from Investing Activities

Objective $2$ Example $14\mathrm{.}4$

During the year, Davis Company sold equipment with a book value of $$280,000$ for $$380,000($original purchase cost of $$480,000).$ New equipment was purchased.

Davis provided the following comparative balance sheets:

Davis Company

Comparative Balance Sheetst

At December $31,20$X$1$ and $20$X$2$

$\backslash$table$[[,20$X$1,20$X$2],[$Long$-$Term Assets:,,$],[$Plant and equipment,$$2,200,000,$$$2,150,000$