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In 2016 ABC Company reported net fixed assets of $62,359 after having reported net fixed assets of $41,486 in 2015. During the year the company
In 2016 ABC Company reported net fixed assets of $62,359 after having reported net fixed assets of $41,486 in 2015. During the year the company sold fixed assets with a net book value of $2,619 for $2,986. ABC also charged $7,511 in depreciation expenses against its earnings. How much did ABC spend to acquire fixed assets during 2016? Assume that all new fixed assets were acquired for cash. Note that although your answer will represent a cash outflow for purchasing new fixed assets, you should present your result as a positive value.
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