Reference no: EM132381703
Question
Prepare the investing activities section of the statement of cash flows.
The following selected account balances relate to the plant asset accounts of Waihi Beach Surfboards Pty Ltd at year-end.
2018 2017
Accumulated depreciation-buildings $125 000 $100 000
Accumulated depreciation-equipment 100 000 97 500
Buildings 500 000 500 000
Depreciation expense 47 750 40 000
Equipment 200 000 177 500
Land 485 000 425 000
Gain on sale of equipment 3 000 -
Additional information:
In 2018, Waihi Beach Surfboards Pty Ltd purchased $50 000 of equipment and $60 000 of land for cash.
Waihi Beach Surfboards Pty Ltd also sold equipment in 2018. (Hint: Reconstruct the accumulated depreciation account to determine carrying value and then determine the proceeds from sale of equipment.)
The response paper should be in APA format, double spaced, hand-written, numbered pages, with a cover page and references.