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Can someone help me understand the answer? The Plant Assets, Net account (the total amount of plant assets and accumulated depreciation) of Canyon Corporation shows
Can someone help me understand the answer? The Plant Assets, Net account (the total amount of plant assets and accumulated depreciation) of Canyon Corporation shows a beginning balance of $100,000, asset purchases of $400,000, accumulated depreciation of $30,000, and an ending balance of $420,000. Canyon sold plant assets at a $10,000 gain. Where on the statement of cash flows should Canyon report the sale of plant assets and how much should be reported for the sale?
Hint: Set up a T-account for Plant Assets, Net
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