When preparing the financial statements for 2021, Marc Martin, CFO for Maverick Mania Inc., noticed...
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When preparing the financial statements for 2021, Marc Martin, CFO for Maverick Mania Inc., noticed that during the year the company sold equipment with an original cost of $ 50,000 for cash, resulting in a Loss on sale of $2,000. At the time of the sale, the equipment had a carrying amount of $ 20,000. Maverick Mania uses the direct method to prepare its cash flow statement. On the 2021 cash flow statement, the company should report cash proceeds from investing activities of how much.?
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