Reference no: EM132952950
Question - The following information relates to Equipment and related accounts of Lee Inc:
Equipment, beginning balance P260,000
Equipment, ending balance 300,000
Equipment sold during the year:
Cost 20,000
Book value 4,000
Fully depreciated equipment written off during the year 10,000
Accumulated Depreciation, beginning balance 180,000
Accumulated Depreciation, ending balance 169,000
1. Assuming that all of Lee's equipment purchases are for cash, how much cash was used to purchase equipment during the year?
2. Assuming Lee uses the indirect method, the depreciation expense that would be added to net income in computing cash flows from operations would be?
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