On January 1, 2016, Poole Company had a balance of $178,000 in its Land account. During 2016,

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On January 1, 2016, Poole Company had a balance of $178,000 in its Land account. During 2016, Poole sold land that had cost $71,000 for $95,000 cash. The balance in the Land account on December 31, 2016, was $210,000.

Required

a. Determine the cash outflow for the purchase of land during 2016.

b. Prepare the investing activities section of the 2016 statement of cash flows.

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Fundamental Financial Accounting Concepts

ISBN: 978-0078025907

9th edition

Authors: Thomas Edmonds, Christopher Edmonds

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Question Posted: Apr 20, 2015 07:49 AM

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On January 1, 2016, Poole Company had a balance of $178,000 in its Land account. During 2016,

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a Reconciliation of Land Account Beginning balance 178000 Increase due to purchasing land 103000 ...View the full answer

Fundamental Financial Accounting Concepts

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