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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
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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Crystal Tech Inc. Sold machinary with a cost of $30,000 and accumulated depreciation of $12,000 for an amount that resulted in a gain of $4,000.

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"?
Transcribed Image Text: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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