The net income reported on the income statement for the current year was $80,100. Depreciation recorded on fixed assets and amortization of patents for the year were $10,200 and $2,300, respectively. The company purchased equipment for $85,300 and an acre of land for $49,200. What amount of cash flows from (used for) investing activities is reported on the statement of cash flows?

The net income reported on the income statement for the current year was $80,100. Depreciation recorded on fixed assets and amortization of patents for the year were $10,200 and $2,300, respectively. The company purchased equipment for $85,300 and an acre of land for $49,200. What amount of cash flows from (used for) investing activities is reported on the statement of cash flows?

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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