Question
Camera Co. sold equipment with a cost of $22,000 and accumulated depreciation of $6,000 for an amount that resulted in a gain of $5,000 .
Camera Co. sold equipment with a cost of $22,000 and accumulated depreciation of $6,000 for an amount that resulted in a gain of $5,000. What amount should Innovativions report on the statement of cash flows as"proceeds from sale of plantassets"?
A. $11,000
B. $16,000
C. $21,000
D. Some other amount
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
5th Canadian edition
1259269868, 978-1259269868
