Homework Answers
Solution:
Accumulated Depreciation for 22 years on Equipment sold = $1050000/ 26 * 22 = $888,462
Book Value of Equipment when sold = Cost - Accumulated Depreciation for 22 years = $1050000 - $888462 = $161,538
Sale value of Equipment = $124,500
Loss on sale of Equipment = $124500 - $161538 = $37,038
Now,
Investing Activities = Inflow of Sales value = $124,500
Operating Activities = added to Net income = Loss on sale = $37,038
Hence second option is correct that is "$124500 is recorded as a cash inflow from investing activities and $37038 is added to convert net income to net cash flows from operating activities".
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