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notes Equity P. 216 第22题
A piece of equipment with an original book value of dollar 19 was sold for dollar 10. The equipment had a book value at the time of the sale of dollar 2. The gain was classified as unusual.
后面的答案说，cash gain dallar 10. non cash gain 8. 那总共的gain 其不就成了18。 我有点糊涂了，可能问题比较傻。

我想了一下，是不是non cash gain 8是跟NCC 有关。cash gain dallar 10是跟FCinv有关。不能把他们加在一起，说总共的gain是18。这样理解对么

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关键词：equity CFA I equit Equi quit equity

That's easy!  We know that

FCFF = NI+Dep expense+Non cash charges+int*(1-tax rate)-WCInv-FCInv
FCFE = FCFF-int*(1-tax rate)+net borrowng

Depreciation expense = $27
Non cash charges = gain $8 from the sale of the equipment = $10 (sold price) - $2 (book value)
WCInv = $4
FCInv = capital expenditure $65 - $10 from the sale of equipment

Note that we have to subtract NCC from Net Income.