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THE Company's 2022 statement of cash flows reported cash paid to suppliers for purchases of...

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Accounting

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THE Company's 2022 statement of cash flows reported cash paid to suppliers for purchases of inventory of $367,000. The following accounts were taken from THE Company's balance sheets during 2022: Accounts payable Accounts receivable Inventory Jan. 1, 2022 65,000 79,000 26,000 Dec. 31, 2022 44,000 84,000 83,000 Calculate the amount of cost of goods sold shown on THE Company's 2022 income statement. On January 1, 2021, THE Company purchased a piece of equipment that cost $160,000. The equipment had a ten year life and a $19,000 salvage value assigned to it. THE Company will depreciate the equipment using the straight-line depreciation method. On January 1, 2025, THE Company determined the life of the equipment should be revised from 10 to 16 years. Calculate the depreciation expense recorded on the equipment for 2025

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