I need to figure out the accumulated depreciation expense (ACE) in this question for a cash flow statement. Am I correct to assume the ACE would be $22,500 = ($162,500 - $140,000). These figures were taken from the balance sheet.

Instructions Additional information: TAKING IT FURTHER of $9,000 at the time of sale. Cash Sales Assets Profit Inventory 1. Cash dividends of $15,000 were declared. under ASPE, at December 31, 2017 and 2016: Gross profit Interest expense Interest revenue Common shares Accounts payable Retained earnings Dividends payable Cost of goods sold Income tax payable Accounts receivable Income tax expense Operating expenses Profit from operations Long-term investment Long-term notes payable Profit before income tax Loss on sale of equipment Property, plant, and equipment Less: Accumulated depreciation Depreciation expense is included in the operating expenses. Liabilities and Shareholders' Equity rrepare a cash flow statement for the year using the indirect method. share. The proceeds were used to purchase additional equipment. A long-term investment was acquired for cash at a cost of $101,500. " The company issued a note payable for $28,000 and repaid $3,000 by year end. 1A Presented below is the comparative balance sheet for Diatessaron Inc., a private company reporting Balance Sheet December 31 DIATESSARON INC. Income Statement "Equipment that originally cost $30,000 was sold during the year for cash. The equipment had a carrying value Year Ended December 31, 2017 "The company issued 10,500 common shares for cash on March 2, 2017. The fair value of the shares was $10 per DIATESSARON INC. Is it necessary to show both the proceeds from issuing a new note payable and the partial $847,000 2017 $ 67,000 $847,000 101,000 $147,500 114,500 $ 57,500 205,000 (162,500) 101,500 535,000 630,000 25,000 3,000 14,000 6,000 sufficient to simply show the net increase or decrease in notes payable, as is (4,500) 3,000 2016 $ 98,000 $ 47,000 $648,500 $648,500 $663,000 (140,000) $ 68,000 155,500 75,00 231,000 432,000 460,000 150,500 525,000 80,500 61,500 15,000 14,000 82,000 (1,500) 0 Prepare ca indirect m