Crystal Tech Inc. sold machinery with a cost of $30,000 and accumulated depreciation of $12,000 for an amount that resulted in a gain of $4,000. What amount should Crystal Tech report on the statement of cash flows as "proceeds from sale of plant assets"?

Crystal Tech Inc. sold machinery with a cost of $30,000 and accumulated depreciation of $12,000 for an amount that resulted in a gain of $4,000. What amount should Crystal Tech report on the statement of cash flows as "proceeds from sale of plant assets"?

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

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What is the answer ?

Crystal Tech Inc. sold machinery with a cost
of $30,000 and accumulated depreciation of
$12,000 for an amount that resulted in a gain
of $4,000. What amount should Crystal Tech
report on the statement of cash flows as
"proceeds from sale of plant assets"?

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