Sheffield Corp. sold some of its plant assets during 2021. The original cost of the plant assets was $904000 and the accumulated depreciation at date of sale was $843000. The proceeds from the sale of the plant assets were $90800.
The information concerning the sale of the plant assets should be shown on Sheffield's statement of cash flows (indirect method) for the year ended December 31, 2021, as a (n):
A) subtraction from net income of $29,800 and a $61,000 increase in cash flows from financing activities.
B) addition to net income of $29,800 and a $90800 increase in cash flows from investing activities.
C) subtraction from net income of $29,800 and a $90800 increase in cash flows from investing activities.
D) addition of $90800 to net income.
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