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Assume the following income statement for the year ended December 31, 2017 and balance sheet at year-end:
|
2017 |
2016 |
|
|
Equipment |
$ -0- |
$1,000 |
|
Accumulated depreciation – equipment |
-0- |
(600) |
No equipment was purchased during the year. Equipment was sold for cash during the year.
Required:
- Calculate the amount of cash for which the equipment was sold.
- Prepare the journal entry to record the sale of the equipment.
- Calculate the cash flow from operating activities and investing activities.
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