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Plant Assets 12/31/2017 100,000 Acquisitions 428,000 52,500 12/31/2018 475,500 Disposals Accumulated Depreciation-Plant Assets 20,000 12/31/2017 Disposals 10,500 34,000 Depr. Exp. 43,500 12/31/2018

Plant Assets 12/31/2017 100,000 Acquisitions 428,000 52,500 12/31/2018 475,500 Disposals Accumulated Depreciation-Plant Assets 20,000 12/31/2017 Disposals 10,500 34,000 Depr. Exp. 43,500 12/31/2018

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 14RE: (Appendix 11.1) Auburn Company purchased an asset on January 1, Year 1, for 150,000. The asset has a...
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The Plant Assets account and Accumulated Depreciation—Plant Assets account of Star Media show the following:

Star Media sold plant assets at an $11,000 loss. Where on the statement of cash flows should Star Media report the sale of plant assets? How much should the business report for the sale?

a. Financing cash flows—cash receipt of $42,000

b. Investing cash flows—cash receipt of $53,000

c Investing cash flows—cash receipt of $31,000

d. Investing cash flows—cash receipt of $42,000

Plant Assets 12/31/2017 100,000 Acquisitions 428,000 52,500 12/31/2018 475,500 Disposals Accumulated Depreciation-Plant Assets 20,000 12/31/2017 Disposals 10,500 34,000 Depr. Exp. 43,500 12/31/2018
Transcribed Image Text:Plant Assets 12/31/2017 100,000 Acquisitions 428,000 52,500 12/31/2018 475,500 Disposals Accumulated Depreciation-Plant Assets 20,000 12/31/2017 Disposals 10,500 34,000 Depr. Exp. 43,500 12/31/2018
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