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Lewis, Inc

question 130

Essay

Lewis, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet: Lewis, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:   Additional information provided by the company includes the following: Equipment costing $104,000 was purchased for cash. Equipment with a net book value of $20,000 was sold for $28,000. Depreciation Expense of $24,000 was recorded during the year. Use the T-account format and evaluate the transactions affecting Property, Plant, and Equipment, net. Additional information provided by the company includes the following:
Equipment costing $104,000 was purchased for cash.
Equipment with a net book value of $20,000 was sold for $28,000.
Depreciation Expense of $24,000 was recorded during the year.
Use the T-account format and evaluate the transactions affecting Property, Plant, and Equipment, net.


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