Question
Lion and Rose Corporation sold equipment that had a cost of $40,000 and accumulated depreciation of $12,000. If there was a gain on the sale
Lion and Rose Corporation sold equipment that had a cost of $40,000 and accumulated depreciation of $12,000. If there was a gain on the sale of $5,000, what amount should Lion and Rose Corporation report on the statement of cash flows as cash flow from sale of equipment?
| $45,000 | ||
| $33,000 | ||
| $28,000 | ||
| $5,000 |
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Financial and Managerial Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
11th Edition
9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895
