Exercise 121 Milner Co. sold a machine that cost $72,000 and had a book value of

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Question

Exercise 121

Milner Co. sold a machine that cost $72,000 and had a book value of $39,000 for $61,000. Data from Milner's comparative balance sheets are:

Complete the cash flow statement below: (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Milner Co.
Partial Statement of Cash Flows
For the Year Ended December 31, 2015

Cash flows from operating activities

Cash flows from investing activities

12/31/15 12/31/14 Machinery $818,000 $670,000 Accumulated depreciation 195,000 112,000

Explanation / Answer

Cash flows from operating activities: Depreciation Expense 116000 =(195000-112000)+(72000-39000) Gain on Sale of Machinery -22000 =39000-61000 94000 Cash flows from investing activities: Sale of Machinery 61000 Purchase of Machinery -220000 =(670000-818000)-72000 -159000

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Exercise 121 Milner Co. sold a machine that cost $72,000 and had a book value of

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Explanation / Answer

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