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The Kennel Storage Company had the following balances in its Equipment and Accumulated Depreciation on Equipment accounts at the beginning and end of 2021: January

The Kennel Storage Company had the following balances in its Equipment and Accumulated Depreciation on Equipment accounts at the beginning and end of 2021:

January 1 December 31

Equipment

$105,200 $134,000

Accumulated depreciation, equipment

26,500 24,000

During 2021, Kennel engaged in the following transaction involving equipment: Sold equipment that originally cost $24,700 and had a current book value of $7,980 for $16,000. This was the only sale of equipment. Net income for 2021 was $364,200.

How much equipment-related depreciation expense did the Kennel Storage Company record during 2021?

Depreciation expense $enter depreciation expense in dollars

What was the cost of equipment purchased during the year?

Cost of equipment purchased $enter cost of equipment purchased in dollars

Using this limited information, prepare the operating and investing activities sections of the statement of cash flows. Here you will assume that there were no changes in current asset and current liability accounts other than cash. (Enter amounts that decrease cash flow either with a negative sign preceding the number, e.g. -15,000 or parenthesis e.g. (15,000).)

image text in transcribed

Kennel Storage Company Statement of Cash Flows For the Year Ended December 31, 2021 $

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