On January 1,2011,Swinger,Inc.purchases a batting machine for $240,000 that has an estimated useful life of 5 years and an expected residual value of $20,000.What is the effect of this transaction on the company's statement of cash flows for the year ended December 31,2011?
A) Financing activity cash inflow of $240,000
B) Financing activity cash outflow of $(240,000)
C) Investing activity cash outflow of $(240,000)
D) The transaction will not be reported on the statement of cash flows.
Correct Answer:
Verified
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