Here is an example used in CFA textbook that I don’t understand.
The explanation in the question used the first column(“12/31/2018”) as beginning balance and second column(“12/31/2017”) as ending balance and arrived at the answer B. I don’t understand why it used earlier time as ending balance and later time as beginning balance, aren’t you supposed to go the opposite way? I used first column as ending balance and second column as beginning balance and got the cash received from equipment sale as $22million. Can someone tell me who’s wrong here? Thank you very much!