Bird Corp., a private company reporting under ASPE with a December 31 year end, reported the following in its financial statements: 

Additional information: 

1. Purchased land for $50,000 and building for $130,000 by making a $25,000 down payment and financing the remainder with a note payable. 

2. A building was sold during the year. 

3. Cash was used to purchase equipment. 

4. Equipment with an original cost of $28,000 was sold during the year. 

5. Mortgage payable and notes payable payments included interest and principal amounts. 

6. The company paid $157,000 of notes payable that matured during the year. 

7. The company reacquired 2,000 common shares in 2024, with an average cost of $30,800. 

8. Preferred shares were sold for cash.

Instructions 

a. Determine the amount of any cash inflows or outflows related to investing activities in 2024. 

b. What was the amount of profit reported by Bird Corp. in 2024? 

c. Determine the amount of any cash inflows or outflows related to financing activities in 2024.  

d. Identify and determine the amount of any noncash financing activities in 2024. 

e. Calculate the cash provided (used) by operating activities.  

Is it favorable for a company to have a net cash inflow from investing activities?  

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Cash Accumulated depreciation-building Accumulated depreciation-equipment Depreciation expense-building Depreciation expense-equipment Building Equipment Land Notes payable Mortgage payable Preferred shares: 7,000 shares in 2024; 5,000 in 2023 Common shares: 8,000 shares in 2024; 10,000 in 2023 Contributed surplus-reacquisition of common shares Cash dividends-preferred Retained earnings Interest expense Loss on sale of equipment Gain on sale of building 2024 $ 21,000 578,750 218,000 31,250 48,000 1,310,000 492,000 250,000 214,000 335,000 175,000 123,200 1,500 6,250 300,000 23,000 5,000 18,000 $ 2023 5,000 600,000 192,000 30,000 45,000 1,250,000 480,000 200,000 216,000 350,000 125,000 154,000 0 6,250 240,000 28,000 0 0