Fully depreciated equipment costing $50,000 was discarded. What was the effect of the transaction on cash flows if (a) $15,000 cash is received for the equipment, (b) no cash is received for the equipment? For the current year, Packers Company decided to switch from the indirect method to the direct method for reporting cash flows from operating activities on the statement of cash flows. Will the change cause the amount of net cash flow from operating activities to be larger, smaller, or the same as if the indirect method had been used? Explain. Name five common major classes of operating cash receipts or operating cash payments presented on the statement of cash flows when the cash flows from operating activities are reported by the direct method