If a gain of $9,000 is incurred in selling (for cash) office equipment having a book value of $55,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is

Question

Quizplus · Accepted Answer

The cash flows from investing activities section reports the cash received from the sale of office equipment, which is the book value plus the gain. Therefore, $55,000 (book value) + $9,000 (gain) = $64,000.

If a Gain of $9,000 Is Incurred in Selling (For