Question
At the end of the year ABC Company reported net fixed assets of $65,291 million after having reported net fixed assets of $46,011 million at
At the end of the year ABC Company reported net fixed assets of $65,291 million after having reported net fixed assets of $46,011 million at the end of the prior year. During the year the company sold fixed assets with a net book value of $2,860 million for $2,170 million. ABC also charged $8,867 million in depreciation expenses against its earnings. How much did ABC spend (in $ millions) to acquire fixed assets during the year? Assume that all new fixed assets were acquired for cash. Note that although your answer will represent a cash outflow for purchasing new fixed assets, you should present your result as a positive value.
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