ASAP Problem 12-15A (Algo) Determining cash flows from investing activities...
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Accounting
ASAP
Problem 12-15A (Algo) Determining cash flows from investing activities LO 12-3 [The following information applies to the questions displayed below.] The following information was drawn from the year-end balance sheets of Mass Trading Company. Additional information regarding transactions occurring during Year 2: 1. Investment securities that had cost $4,660 were sold. The Year 2 income statement contained a los on the sale of investment securities of $730. 2. Equipment with a cost of $53,500 was purchased. 3. The income statement showed a gain on the sale of equipment of $7,200. On the date of sale. accumulated depreciation on the equipment sold amounted to $7,300. 4. A building that had originally cost $166,000 was demolished. 5. Land that had cost $25,200 was sold for $20,900. c. Determine the cost of the equipment that was sold during Year 2
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