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Question - What amount of the gain from the sale of equipment will be reported in the investing activities section of the Statement of Cash Flows for fiscal year 2016?
The following are selected accounts from the comparative balance sheets and other data for Good, Bad & Ugly, Inc. All balances are normal.
December 31
Accounts
2016
2015
Cash
$76,105
$51,000
Land
180,000
142,500
Equipment
270,000
300,000
Accumulated Depreciation, Equipment
(75,000)
(67,500)
Long Term Notes Payable
170,000
150,000
Common Stock, $5 par
185,000
165,000
Paid in Capital in Excess of Par
32,500
0
Retained Earnings
91,450
87,500
Equipment costing $50,000 with accumulated depreciation of $30,000 was sold for $23,500 in cash.
Additional equipment was purchased by signing a new long-term note payable.
Net income for 2016 was $35,000.
Depreciation expense for the year was $37,500.
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