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Assume the following income statement information:
Sales (all cash) $35
Operating Expenses
Depreciation 10
Income before other Item 25
Other Item
Gain on Sale of Equipment 8
Net Income $33
1. Assume the equipment that was sold for a gain of $8 originally cost $20, had a book value of $4 at the date of disposal, and was sold for $12. Prepare the journal entry to record the disposal. What is the cash effect of this entry?
2. Calculate cash flow from operating activities.
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