Sisco Pty Ltd prepared the statement of financial position and statement of profit or loss...
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Accounting
Sisco Pty Ltd prepared the statement of financial position and statement of profit or loss for the year 20x2. The information about the plant is shown in the table below. An item of the plant was sold in the year 20x2. The original cost of the sold plant was $15,000. The plant had not been revalued. An item of the plant was purchased in cash during 20x2. Reported information 20x2 20X1 Plant 40,000 36,000 Acc. Depreciation 14,000 18,000 Depreciation expense 6,000 Gain on sale of plant 2,000 Required: Identify the activities that relate to the item of the plant and calculate the related cash flows
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