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Question: On January 12, Ferrell Incorporated obtains a permit to start a comedy club, which will operate only on Saturday nights. To prepare the club for the grand opening, Ferrell purchases tables, chairs, ovens, and other related equipment for $55,000 on January 16. Ferrell pays 20% of this amount ( = $11,000) in cash at the time of purchase and signs a note with Live Bank for the remaining amount. Determine the amount of investing cash flows Ferrell would report in January.

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