On January 1, 2013, Poole Company had a balance of $178,000 in its Land account. During 2013,

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On January 1, 2013, Poole Company had a balance of $178,000 in its Land account. During 2013, Poole sold land that had cost $71,000 for $95,000 cash. The balance in the Land account on December 31, 2013, was $210,000.

Required
a. Determine the cash outflow for the purchase of land during 2013.
b. Prepare the investing activities section of the 2013 statement of cash flows.

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Fundamental financial accounting concepts

ISBN: 978-0078025365

8th edition

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward

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