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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rhonda Company reported $70,000 of net income for 2020. During the year, machinery costing $10,000 and with
accumulated depreciation of $8,000 was sold at a loss of $500. Land and machinery were purchased during the year for cash. Selected account information follows:2020 December 31 January 1 Land $45,000 $32,000 Machinery 28,000 20,000 Accumulated Depreciation: Machinery 7,000 12,000 Required:
Compute the net cash from investing activities for 2020 using the visual inspection method. Use the minus sign to indicatecash out flow.
$fill in the blank 1
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