A machine with a cost of $176,000, accumulated depreciation of $108,000, and current year depreciation expense of $28,500 is sold for $58,400 cash. the amount that should be reported as a source of cash under cash flows from investing activities is:

Question

Business

China

23 April, 07:25

A machine with a cost of $176,000, accumulated depreciation of $108,000, and current year depreciation expense of $28,500 is sold for $58,400 cash. the amount that should be reported as a source of cash under cash flows from investing activities is:

+5

Answers (1)

Know the Answer?

Marques Vega · Answer 1

58,400 minus 28,500, which equals 29,900 dollars, which is what should be reported, because the amount which should be reported as a source of cash under cash flows from investing activities is the amount it is sold for minus the current year depreciation.