The following additional data were provided: 1. Dividends for the year 2025 were $182000. 2. During the year, equipment was sold for $238000. This equipment cost $350000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. Under the direct method, the total amount of cash paid for taxes is O $324000. © $390000. O $334000. O $278000.

The following additional data were provided: 1. Dividends for the year 2025 were $182000. 2. During the year, equipment was sold for $238000. This equipment cost $350000 originally and had a book value of $288000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. Under the direct method, the total amount of cash paid for taxes is O $324000. © $390000. O $334000. O $278000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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