The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Luo Company at the end of 2014 are shown here.
|
Equipment |
Accumulated Depriciation-Equipment |
||||||
|
Beg.Bal. |
80,000 |
Disposals |
22,000 |
Disposals |
5,500 |
Beg.Bal. |
44,500 |
|
Acquisitions |
41,600 |
Depr.exp. |
12,000 |
||||
|
End.bal. |
99,600 |
End.bal. |
51,000 |
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In addition, Luo Company”s income statement reported a loss on the disposal of equipment of $5,500. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”?