On January 1, Year 1, Gibson Company had a balance of $259,500 in its Land account....
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On January 1, Year 1, Gibson Company had a balance of $259,500 in its Land account. During Year 1, Gibson sold land that had cost $82,000 for $151,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cash outflow for the purchase of land during Year 1. Cash outflow for the purchase of land On January 1, Year 1, Gibson Company had a balance of $259,500 in its Land account. During Year 1, Gibson sold land that had cost $82,000 for $151,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with minus sign.) Cash flow from investing activities Net cash flow from investing activities On January 1, Year 1, Gibson Company had a balance of $259,500 in its Land account. During Year 1, Gibson sold land that had cost $82,000 for $151,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cash outflow for the purchase of land during Year 1. Cash outflow for the purchase of land On January 1, Year 1, Gibson Company had a balance of $259,500 in its Land account. During Year 1, Gibson sold land that had cost $82,000 for $151,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with minus sign.) Cash flow from investing activities Net cash flow from investing activities
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Land Jan 1Year 1 Opening Balance 261000 Year 1 CashCost of sale of Land 77000 ... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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