Use the T-account format and evaluate the transactions affecting Property, Plant, and Equipment, net.
New Mexico, Inc. uses the indirect method to prepare its statement of cash flows. Refer to the following portion of the comparative balance sheet:
Additional information provided by the company includes the following:
Equipment costing $104,000 was purchased for cash.
Equipment with a net book value of $20,000 was sold for $28,000.
Depreciation Expense of $24,000 was recorded during the year.
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