Question :
Company reported total income of $420,000 for 2014. Changes occurred in numerous balance sheet accounts as follows:
Equipment $35,000 increase
Accumulated Depreciation $56,000 increase
Notes Payable $42,000 increase
Additional information:
-In 2014, Company sold equipment costing $35,000, with accrue depreciation of $16,800, for a profit of $7,000
-In December 2014, Company purchased equipment costing $70,000 WITH CASH and a 12 percent note payable of $42,000
-Depreciation expense for the year was $72,800
In Company's 2014 statement of cash flows, total cash used in investing activities should be?