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The 2019 accounting records of Pape Transport reveal these transactions and events. ...

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Accounting

The 2019 accounting records of Pape Transport reveal these transactions and events.
Payment of interest $70,466 Payment of salaries and wages $373,470
Cash sales 338,237 Depreciation expense - vehicles 112,746
Receipt of dividend revenue 126,839 Proceeds from sale of vehicles 5,721,849
Payment of income tax 84,559 Purchase of vehicles for cash 155,025
Profit 267,771 Loss on sale of vehicles 21,140
Payments for inventory 683,521 Payment of operating expenses 197,305
Payment for land 521,449 Retained earnings at the start of the year 507,500
Collection of accounts receivable 1,374,089 Retained earnings at the end of the year 531,100
Required
a) Prepare the cash flows from operating activities section for the year ended 31 December 2019 using the direct method.
b) How much was the payment of dividends?
c) During the year equipment was sold, and the company recorded a profit on sale of equipment in the income statement of $5,200.
This equipment cost $50,500 originally and had a carrying amount of $6,500 at the time of sale.
What were the proceeds from the sale of the equipment?

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