8. On January 1,2018 , Schmidt Industries purchased a new paint sprayer for $400,000. The salvage value after 5 years is estimated to be $100,000. The sprayer is depreciated by straight line depreciation for 5 years. On December 31,2022 , the sprayer is sold for $100,000. The cash inflow from the sale of the sprayer will be included in what section or sections of the statement of cash flows? Operating only Investing only Financing Operating and Investing 49. Bellingham's Restaurant sells $3,000 in gift certificates during the holiday season. How should the sale of the gift certificates be treated in the financial statements? Debit cash, credit sales Debit cash; credit accounts payable Debit cash, credit deferred revenue Debit cash; credit prepaid expenses 50. Elton Industries makes the following purchases during 2019 (in the order given and each for one unit) of $100, $120, and $150. Their beginning inventory for the year consisted of one unit that they purchased for $110 in 2018. If they utilize the FIFO inventory valuation approach, which of the following will be true if they sell 2 units in 2019? Cost of goods sold will be $270 Cost of goods sold will be $240 Cost of goods sold will be $220 Cost of goods sold will be $210 11. On January 1,2018 , Schmidt Industries purchased a new paint sprayer for $400,000. The salvage value after 5 years is estimated to be $100,000. If the sprayer is depreciated by straight line depreciation for 5 years, what is the annual depreciation expense? So, as the sprayer is not depreciable S60,000 $80,000 $400,000, as the sprayer can be fully depreciated in year 1