Questions number 24 and 25

DEC 31 2020 DEC 31 2021

Team. 145,000 157,000

Accumulated depreciation 63,000 65,000

Gain on sale of equipment in 2021 7,000

Equipment was sold during the year with an original cost of $ 38,000 and a book value of $ 17,000.

24. In investment activities, there will be a cash inflow from the sale of equipment equal to:

a. $ 7,000 b. $ 21,000 c. $ 28,000 d. $ 38,000 25.

In investment activities, there will be a cash outflow for the purchase of equipment equal to:

a. $ 12,000 b. $ 50,000 c. $ 65,000 d. $ 0 No equipment purchased