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Question - Columbia Inc. had an opening balance for machinery-cost of $29,000 and closing balance for machinery-cost of $59,000. Machinery with original cost of $5,000 was sold; accumulated depreciation of machinery sold was $3,200; and loss on sale of machinery was $1,500. What is the total cash inflow for sale of machinery and the total cash outflow for purchase of machinery in the period?
a) cash inflow of $5,000 and cash outflow of $35,000
b) cash inflow of $1,800 and no cash outflow
c) cash inflow of $1,500 and cash outflow of $35,000
d) cash inflow of $300 and cash outflow of $35,000
e) cash inflow of $300 and no cash outflow
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