The following information pertains to Luo Company at the end of 2014 for the following accounts: Equipment and Accumulated Depreciation-Equipment. Equipment Accum Deprec Beginning balance Acquisitions Disposals Ending Balance Beginning Balance Depreciation Expense Disposals Ending Balance $ 100,000 65,000 21,000 144,000 $45,000 15,000 7,000 53,000 In addition Luo Company's Income Statement reported a gain on disposal of Equipment of $9,000. What amount was reported on Statement of Cash Flows as "cash flow from sale of equipment? Show the calculation.
The following information pertains to Luo Company at the end of 2014 for the following accounts: Equipment and Accumulated Depreciation-Equipment. Equipment Accum Deprec Beginning balance Acquisitions Disposals Ending Balance Beginning Balance Depreciation Expense Disposals Ending Balance $ 100,000 65,000 21,000 144,000 $45,000 15,000 7,000 53,000 In addition Luo Company's Income Statement reported a gain on disposal of Equipment of $9,000. What amount was reported on Statement of Cash Flows as "cash flow from sale of equipment? Show the calculation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Equipment and Accumulated Depreciation-Equipment.
The following information pertains to Luo Company at the end of 2014 for the following accounts:
Equipment
Accum Deprec
Beginning balance
Acquisitions
Disposals
Ending Balance
Beginning Balance
Depreciation Expense
Disposals
Ending Balance
$ 100,000
65,000
21,000
144,000
$45,000
15,000
7,000
53,000
In addition Luo Company's Income Statement reported a gain on disposal of Equipment of $9,000. What
amount was reported on Statement of Cash Flows as "cash flow from sale of equipment? Show the
calculation.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F506c3f2a-e371-4ce1-aa8d-cf5301d8204a%2F12e0519c-77b4-4f6a-b360-16a3cb05dbf5%2F629nkeo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Equipment and Accumulated Depreciation-Equipment.
The following information pertains to Luo Company at the end of 2014 for the following accounts:
Equipment
Accum Deprec
Beginning balance
Acquisitions
Disposals
Ending Balance
Beginning Balance
Depreciation Expense
Disposals
Ending Balance
$ 100,000
65,000
21,000
144,000
$45,000
15,000
7,000
53,000
In addition Luo Company's Income Statement reported a gain on disposal of Equipment of $9,000. What
amount was reported on Statement of Cash Flows as "cash flow from sale of equipment? Show the
calculation.
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