(Solved by Humans)-Problem 8-10A Purchase and Disposal of Operating Asset and Effects on Statement of Cash Flows On...
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Problem 8-10A Purchase and Disposal of Operating Asset and Effects on Statement of Cash Flows On January 1, 2014, Mansfield Inc. purchased a medium-sized delivery truck for $45,000. Using an estimated useful life of five years and a residual value of $5,000, the annual straight-line depreci- ation of the trucks was calculated to be $8,000. Mansfield used the truck during 2014 and 2015, but then decided to purchase a larger delivery truck. On December 31, 2015, Mansfield sold the delivery truck at a loss of $12,000 and purchased a new, larger delivery truck for $80,000. Required 1. How would the previous transactions be presented on Mansfield’s statements of cash flows for the years ended December 31, 2014 and 2015? 2. Why would Mansfield sell at a loss a truck that had a remaining useful life of three years and purchase a new truck with a cost almost twice that of the old?
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This question was answered on: 10 May, 2025
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