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During the year, Roberts Company sold equipment with a book value of $140,000 for $190,000 (original purchase cost of $240,000). New equipment was purchased. Roberts
During the year, Roberts Company sold equipment with a book value of $140,000 for $190,000 (original purchase cost of $240,000). New equipment was purchased.
Roberts provided the following comparative balance sheets:
Roberts Company | ||
Comparative Balance Sheets | ||
At December 31, 20X1 and 20X2 | ||
20X1 | 20X2 | |
Long-Term Assets: | ||
Plant and equipment | $1,100,000 | $1,075,000 |
Accumulated depreciation | (600,000) | (635,000) |
Land | 500,000 | 718,750 |
Required:
Calculate the investing cash flows for the current year. Use a minus sign to indicate a cash outflow.
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