Reference no: EM132569247

An analysis of changes in selected balance sheet accounts of Hierarchy Corporation shows the following for the current year:

Plant and Equipment accounts:

Debit entries to asset accounts $ 504,000

Credit entries to asset accounts $ 768,000

Debit entries to accumulated depreciation accounts

(resulting from sale of plant assets) $ 72,000

Credit entries to accumulated depreciation accounts

(representing depreciation for the current year) $ 192,000

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Hierarchy's income statement for the current year includes a $9,600 gain on disposal of plant assets. All payments and proceeds relating to purchase or sale of plant assets were in cash.

Question i. What is the amount of cash paid by Hierarchy to acquire plant assets during the current year was:

Question ii. What is total cash proceeds received by Hierarchy from sales of plant assets during the current year amounted to