Determining cash flows from investing activities
On January 1, 2011, Duncan Company had a balance of $59,600 in its Delivery Equipment account. During 2011, Duncan purchased delivery equipment that cost $18,500. The balance in the Delivery Equipment account on December 31, 2011, was $60,000. The 2011 income statement reported a gain from the sale of equipment for $3,000. On the date of sale, accumulated depreciation on the equipment sold amounted to $10,000.
Required
a. Determine the cost of the equipment that was sold during 2011.
b. Determine the amount of cash flow from the sale of delivery equipment that should be shown in the investing activities section of the 2011 statement of cash flows.
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.