Silken Corp reported net income of $420,000 for 2014 . Changes occurred in several balance sheet accounts as follows: Equipment ................................. $35,000 increase Accumulated depreciation .................. 56,000 increase Note payable .............................. 42,000 increase Additional information: · During 2014, Silken sold equipment costing $35,000, with accumulated
depreciation of $16,800, for a gain of $7,000. · In December 2014, Silken purchased equipment costing $70,000 with $28,000 cash and a 12% note payable of $42,000. · Depreciation expense for the year was $72,800. In Silken's 2014 statement of cash flows, net cash used in investing activities should be
a. $30,800.
b. $16,800.
c. $2,800.
d. $49,000.
C
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