Question

The 2019 accounting records of Pape Transport reveal these transactions and events. Payment of interest $74,924...

The 2019 accounting records of Pape Transport reveal these transactions and events.
Payment of interest $74,924 Payment of salaries and wages $397,098
Cash sales 359,636 Depreciation expense - vehicles 119,879
Receipt of dividend revenue 134,863 Proceeds from sale of vehicles 6,083,839
Payment of income tax 89,909 Purchase of vehicles for cash 164,833
Profit 284,712 Loss on sale of vehicles 22,477
Payments for inventory 726,764 Payment of operating expenses 209,788
Payment for land 554,438 Retained earnings at the start of the year          507,500
Collection of accounts receivable 1,461,020 Retained earnings at the end of the year          531,100
Required
a) Prepare the cash flows from operating activities section for the year ended 31 December 2019 using the direct method.
b) How much was the payment of dividends?
c) During the year equipment was sold, and the company recorded a profit on sale of equipment in the income statement of $5,000.
This equipment cost $49,500  originally and had a carrying amount of $14,800 at the time of sale.
What were the proceeds from the sale of the equipment?

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