Pinnacle Tech sold equipment with a cost of $30,000 and accumulated depreciation of $8,000 for an amount that resulted in a gain of $7,000. What amount should Pinnacle Tech report on the statement of cash flows as 'proceeds from sale of plant assets'? A. $15,000 B. $21,000 C. $29,000 D. Some other amount

Pinnacle Tech sold equipment with a cost of $30,000 and accumulated depreciation of $8,000 for an amount that resulted in a gain of $7,000. What amount should Pinnacle Tech report on the statement of cash flows as 'proceeds from sale of plant assets'? A. $15,000 B. $21,000 C. $29,000 D. Some other amount

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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Georgia Peach has the following information regarding the sale of its equipment: Sales price $8,000 Cost $25,000 Accumulated depreciation $19,000 Which of the following statements is true regarding how the above information would be reported on Georgia's statement of cash flows? Group of answer choices Loss on sale of plant asset will be $17,000 Gain on sale of plant asset will be $2,000 Depreciation expense will be $19,000 Cash received from sale of plant asset will be $25,000
PhotoEase Camera Co. sold equipment with a cost of $19,000 and accumulateddepreciation of $7,000 for an amount that resulted in a gain of $1,000. What amount shouldPhotoEase report on the statement of cash flows as “proceeds from sale of plant assets”?a. $13,000b. $11,000c. $12,000d. Some other amount
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The company provided the data of PP&E in a cash-generating unit (CGU) as follows: Cost Accumulated Depreciation Equipment A $ 15,000 $ 8,000 Equipment B 30,000 19,000 Equipment C 45,000 23,000 The unit’s fair value less costs to sell was $25,000. The unit’s future cash flows was $32,000, and its present value was $28,000. The company adopted IFRS. Prepare journal entries to record impairment. If the recoverable amount of Equipment C is $19,000, prepare journal entries to record impairment. If the recoverable amount of Equipment C is $24,000, prepare journal entries to record impairment.
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Subject: acounting
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Phelm Corporation sold a piece of equipment for cash and recognized a gain of $5,000. The original cost was $34,000 and the accumulated depreciation just prior to the sale totaled $19,000. What amount will appear in the investing activities section of the statement of cash flows? $20,000 $54,000 $10,000 $15,000
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General Accounting Question please answer
Assume a company sold a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $15,000. In addition, the beginning and ending balances in the company’s Property, Plant, and Equipment account were $4,700,000 and $4,600,000, respectively. Based solely on the information provided, the company’s net cash provided by (used in) investing activities would be: Multiple Choice $(115,000). $(200,000). $(170,000). $(185,000).
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