A Company Reported Beginning Plant Assets, Net of Depreciation, of $734,550;

question 39

Multiple Choice

A company reported beginning plant assets, net of depreciation, of $734,550; and, an ending amount of $658,000. Depreciation expense of $50,400 and a loss on the sale of equipment of $5600 were reported on the income statement. The company acquired $215,800 of plant assets during the year. How much will be reported as cash received from the sale of equipment in the investing activities section of the statement of cash flows?

• A)The cash received upon the sale of the equipment was $241,950.
• B)The cash received upon the sale of the equipment was $236,350.
• C)The cash received upon the sale of the equipment was $247,550.
• D)The cash received upon the sale of the equipment was $286,750.