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FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 indicate cash out flow.
    $fill in the blank 1

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