The following information was extracted from the records of Dolphin Ltd for the year ended 30...

The following information was extracted from the records of Dolphin Ltd for the year ended 30 June 20X1 · Cost of equipment that was sold: $530,000 · Accumulated depreciation for equipment that was sold: $310,000 · Cost of equipment that was purchased: $510,000 · Gain on sale of equipment: $50,000 Required: Write in the box below the net cash used for investing activities for the year ended 30 June 20X1.

Expert Solution



Calculation of Cash Used in Investing Activity


Cost of Equipment Purchased	(510,000)
Sale price of equipment sold	270,000	(See Note 1 )

Cash Used in Investing Activity	(240,000)


Note 1: Calculation of sale price of equipment sold

Cost of Equipment	530,000
Less: Accumulated Depreciation	(310,000)

Book Value	220,000
Add: gain on sale	50,000

Sale price	270,000

ekkarill92 answered 2 years ago

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