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Atkins Corporation has provided the following information for the year ended December 31.
• The equipment account balance increased 207,000.
• The equipment accumulated depreciation account increased $35,700.
• Equipment costing $51,400 was sold during the year resulting in a $11,050 gain.
• Depreciation expense recorded on the equipment during the year was $66,050.
Which of the following statements is correct with respect to determining cash flow from investing activities? Assume that the equipment purchase and sale resulted in cash flows.
1. $258,400 cash outflow is reported for equipment purchases.
2. $207,000 cash outflow is reported for equipment purchases.
3. $51,400 cash outflow is reported for the equipment sale.
4. $62,450 cash inflow is reported from the equipment sale.
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