Question
12) Maine Company sold a plant asset during 2021. The original cost of the plant asset was $500,000 and the accumulated depreciation at date of
12) Maine Company sold a plant asset during 2021. The original cost of the plant asset was $500,000 and the accumulated depreciation at date of sale was $350,000. The proceeds from the sale of the plant asset were $70,000. The effect of the sale of this asset on the operating activities section is?
13) Jersey Corporation had net income for 2021 of $3,500,000. Additional information is as follows: Depreciation of plant assets $600,000 Amortization of intangibles 200,000 Increase in accounts receivable 52,000 Decrease in accounts payable 240,000 Jerseys net cash provided (used) by operating activities for 2021 was?
14) Kentucky Company reported net income of $620,000 for the year ended 12/31/21. Included in the computation of net income were: depreciation expense, $60,000; amortization of a patent, $25,000; income from an investment in common stock of XYZ Inc., accounted for under the equity method, $70,000; and amortization of a bond premium, $15,000. Kentucky also paid a $75,000 dividend during the year. The net cash provided (used) by operating activities would be reported at?
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