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During its 2021 fiscal year, Luckett Inc. sold equipment that cost $ 57,000 and had a carrying value of $ 33,000 for $39,000. Data from
During its 2021 fiscal year, Luckett Inc. sold equipment that cost $ 57,000 and had a carrying value of $ 33,000 for $39,000. Data from the corporation's comparative statements of financial position are: Equipment Accumulated depreciation Dec 31/21 Dec 31/20 $ 333,333 $288,333 80,000 56,667 Luckett Inc is a private company who prepares their cash flow statement under ASPE using the indirect method. Required: a) Based on the above information, identify all the items that must be reported in the Investing Activities section of the cash flow statement. Show all calculations. b) Based on the above information identify any other items that would be reported on Luckett's cash flow statement, and in what section they would be reported. Show all calculations
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