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Calculate amount of cash paid by flamingo ltd to purchase

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Reference no: EM132933278

The following information was included in the financial statements of Flamingo Ltd for the year ended 30 June 20X2:
Included in the Statement of Profit or Loss:

Gain on sale of plant $50,000

Included in the Statement of Financial Position:

                               30 June 20X2           30 June 20X1

                             $                                      $

Plant                           600,000              500,000

Accumulated depreciation  (160,000)            (150,000)

Additional information:

  • Proceeds for the plant that was sold was $180,000
  • Accumulated depreciation of plant that was sold was $70,000

Problem 1: Calculate the amount of cash paid by Flamingo Ltd to purchase plant during the year ended 30 June 20X2, show all workings.

Reference no: EM132933278

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