Question

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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  • CreatedApril 20, 2015
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