Determining Cash Flows from Investing Activities
Burns Company’s 2019 and 2018 balance sheets presented the following data for equipment:
During 2019, equipment costing $41,000 with accumulated depreciation of $36,700 was sold for cash, producing a $3,200 gain.
Required:
1. Calculate the amount of depreciation expense for 2019.
2. Calculate the amount of cash spent for equipment during 2019.
3. Calculate the amount that should be included as a cash inflow from the disposal of equipment.
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