Avatar Company uses the indirect method to prepare its statement of cash flows. During 2014, plant assets with book value of $10,000 were sold for $14,000. Using the worksheet shown below, please enter the adjustments needed to record gain on sale of plant assets of $4,000.
Definitions:
Marine Terraces
Flat, wave-cut platforms formed by the erosion of marine shores, marked by a rise in sea level or land level.
Sea Level Risen
The increase in the global average level of the oceans, attributed mainly to climate change and the melting of ice caps and glaciers.
Coastal Dunes
Natural accumulations of sand or sediment found along coastlines, formed by the wind and protecting inland areas from sea surges.
Equity Method
An accounting technique used to record investments in other companies, where the investment gives the investor significant influence over the investee, typically reflected as a percentage of the investee's net income or loss on the investor's balance sheet.
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