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Governance Corporation Uses the Direct Method When Preparing Its Statement

Question 35

Multiple Choice

Governance Corporation uses the direct method when preparing its statement of cash flows.Governance sold equipment with a book value of $13,000 at a loss of $3,000.The amount to be reported on the statement of cash flows under "proceeds from the sale of capital assets" is:


A) $16,000
B) $13,000
C) $10,000
D) $3,000

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