The following selected account balances relate to the plant asset accounts of Wegent Inc. at year end.
|
2011 |
2010 |
|
|
Accumulated depreciation—buildings |
$337,500 |
$300,000 |
|
Accumulated depreciation—equipment |
144,000 |
96,000 |
|
Buildings |
750,000 |
750,000 |
|
Depreciation expense |
101,500 |
85,500 |
|
Equipment |
300,000 |
240,000 |
|
Land |
100,000 |
70,000 |
|
Loss on sale of equipment |
8,000 |
0 |
Additional information:
1. Wegent purchased $95,000 of equipment and $30,000 of land for cash in 2011.
2. Wegent also sold equipment in 2011.
3. Depreciation expense in 2011 was $37,500 on building and $64,000 on equipment.
Instructions
(a) Determine the amounts of any cash inflows or outflows related to the plant asset accounts in 2011.
(b) Indicate where each of the cash inflows or outflows identified in (a) would be classified on the statement of cash flows.