Michigan Auto Parts Company 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.
Prepare the investing activities section of the statement of cash flows.
Definitions:
Hedonistic Consumption
The pursuit of pleasure and sensory gratification from the consumption of goods and services.
Positive Reinforcement
A technique used in behavior modification that involves rewarding a behavior in order to increase the likelihood of its recurrence.
Unconditioned Response
An Unconditioned Response is an automatic, reflexive reaction to an unconditioned stimulus that occurs without prior learning or conditioning.
Product Line Extension
Involves adding new products to an existing product line to attract more customers or to capitalize on established reputations.
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