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Pennywell Adventure Company showed the following information on its year-end financial statements as of December 31, 2020: Partial Balance Sheet: Account 12/31/20 12/31/12 $440,000 $300,000
Pennywell Adventure Company showed the following information on its year-end financial statements as of December 31, 2020: Partial Balance Sheet: Account 12/31/20 12/31/12 $440,000 $300,000 Property, plant & equipment Accumulated depreciation, PPSE $66,000 $54,000 Partial 2020 Year-End Income Statement: Loss on sale of vehicle $6,500 Depreciation expense ? Net income $700,000 Other relevant information for Pennywell in 2020: Pennywell sold an old Jeep in 2020. The Jeep had a historical cost of $35,000 and accumulated depreciation of $15,000 on the date of sale. - Pennywell purchased a new piece of camping equipment in 2020. All sales and purchases of property, plant, and equipment were cash sales a) Based on this information alone, what amount should Pennywell report as "Cash Received from Operating Activities assuming he uses the Indirect.method? (Enter as whole number without dollar signs.) $ b) Based on this information alone, what amount should Pennywell report as "Cash Used by Investing Activities? (Enter as whole number without dollar signs.)
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