Foxworth company sold plant assets that had accumulated depreciation of $20,000. These assets cost Foxworth...
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Foxworth company sold plant assets that had accumulated depreciation of $20,000. These assets cost Foxworth $70,000 when purchased 4 years ago. The sale of the assets resulted in a gain for Foxworth of $2,000. The amount of cash reported for this transaction on Foxworth's statement of chash flows is a) $70,000 outflow. b) $52,000 inflow c) $72,000 inflow d) $2,000 inflow
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