Question
A company has the following selected information on its comparative balance sheets: 2022 2021 Long-term investments 78,000 111,000 Equipment 407,000 360,000 Accumulated depreciation 137,000 134,000
A company has the following selected information on its comparative balance sheets:
2022 | 2021 | |
Long-term investments | 78,000 | 111,000 |
Equipment | 407,000 | 360,000 |
Accumulated depreciation | 137,000 | 134,000 |
Common stock | 327,000 | 240,000 |
Retained earnings | 430,000 | 265,000 |
Additional information:
Depreciation expense recognized on the income statement totaled $25,000
Investments with a $33,000 book value were sold for a $10,000 gain
Equipment ($40,000 original cost; $22,000 accumulated depreciation) was sold for $12,000 cash
Common stock was exchanged for new equipment - no other changes affected common stock
Net income was $240,000
What is the amount of net cash provided (used) by investing activities reported on the statement of cash flows?
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