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What amount should be reported as cash received on sale

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Reference no: EM132796912

The following account balances appear on Jenkins Company's balance sheets at the beginning and end of 20X7:

                                         1/1/20X7                12/31/20X7

Equipment                               $540,000                  $478,000

Accumulated depreciation              230,000               202,000

Problem 1: Jenkins sold a piece of equipment with an original cost of $109,000 for a gain of $2,000. The equipment had associated accumulated depreciation of $64,000. On a statement of cash flows, what amount should be reported as cash received on sale of equipment?

a. $50,000

b. $43,000

c. $47,000

d. $45,000

e. $49,000

 

Reference no: EM132796912

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