Assume Abbey Corporation completed the following transactions: a. Sold a store building for $650,000. The building had

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Assume Abbey Corporation completed the following transactions:
a. Sold a store building for $650,000. The building had cost Abbey $ 1,400,000, and at the time of the sale, its accumulated depreciation totaled $750,000.
b. Lost a store building in a fire. The building cost $370,000 and had accumulated depreciation of $200,000. The insurance proceeds received by Abbey totaled $ 180,000.
c. Renovated a store at a cost of $ 190,000 (cash).
d. Purchased store fixtures for $50,000 (cash). The fixtures are expected to remain in service for ten years and then be sold for $50,000. Abbey uses the straight-line depreciation method?
For each transaction, show what Abbey would report for investing activities on its statement of cash flows. Show negative amounts in parentheses?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

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