The following selected account balances relate to the plant asset accounts of Diaz Inc. at year-end.

Additional information:
1. Diaz purchased $95,000 of equipment and $30,000 of land for cash in 2014.
2. Diaz also sold equipment in 2014.
3. Depreciation expense in 2014 was $37,500 on building and $64,000 on equipment.

Instructions
(a) Determine the amounts of any cash inflows or outflows related to the plant asset accounts in 2014.
(b) Indicate where each of the cash inflows or outflows identified in (a) would be classified on the statement of cashflows.

Transcribed Image Text:

Accumulated depreciation-buildings Accumulated depreciation equipment Buildings Depreciation expense Equipment Land Loss on disposal of equipment 2014 $337,500 144,000 750,000 101,500 300,000 100,000 2013 $300,000 96,000 750,000 85,500 240,000 70,000 8,000