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

Additional information:
1. Zeuss purchased $85,000 of equipment and $30,000 of land for cash in 2011.
2. Zeuss also sold equipment in 2011.
3. Depreciation expense in 2011 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 2011.
(b) Indicate where each of the cash inflows or outflows identified in (a) would be classified on the statement of cashflows.

Transcribed Image Text:

2011 2010 Accumulated depreciation Accumulated depreciation- equipment Buildings Depreciation expense Equipment Land Loss on sale of equipment -buildings $337,500 $300,000 96,000 750,000 85,500 240,000 70,000 0 144,000 750,000 101,500 300,000 100,000 3,000