The T-accounts for Equipment and the related Accumulated Depreciation- Equipment for Gao Company Ltd. at the end

Question:

The T-accounts for Equipment and the related Accumulated Depreciation- Equipment for Gao Company Ltd. at the end of 2017 are shown here.

In addition, Gao Company's income statement reported a loss on disposal of plant assets of HK$63,000. What amount was reported on the statement of cash flows as "cash flow from disposal of plant assets"?

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Financial Accounting

ISBN: 978-1118978085

IFRS 3rd edition

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

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Question Posted: Apr 07, 2017 11:30 AM

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The T-accounts for Equipment and the related Accumulated Depreciation- Equipment for Gao Company Ltd. at the end

Question:

Accumulated Depreciation-Equipment Beg. bal. 800,000 Disposals 220,000 Disposals 85,000 Beg. bal. 445,000 Depr. exp.120,000 End. bal. 480,000 Equipment Acquisitions 410,600 End. bal. 990,600

Step by Step Answer:

Original cost of equipment sold HK220000 Le...View the full answer

Financial Accounting

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