Question
The year 11 balance sheet of Cool Tools, Inc. reported the following fixed asset balances: Year 11 Year 10 Fixed Assets $160,000 $128,000 Accumulated
The year 11 balance sheet of Cool Tools, Inc. reported the following fixed asset balances: Year 11 Year 10 Fixed Assets $160,000 $128,000 Accumulated (53,000) (41,000) Depreciation Fixed Assets, net $107,000 $87,000 On January 1, year 11, Cool Tools purchased fixed assets for $50,000 and sold fixed assets with an original cost of $18,000 and a book value of $6,000 for $10,000. Cool Tools made no other long-term asset purchases or sales during year 11. What is Cool Tools' net cash used in investing activities and the amount of the depreciation adjustment to the operating section of Cool Tools' statement of cash flows prepared using the indirect method?
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