Question: Please answer this partially correct answer in Asap. thank you! Sunland Inc. is a private company reporting under ASPE. The following selected account balances were
Please answer this partially correct answer in Asap. thank you!







Sunland Inc. is a private company reporting under ASPE. The following selected account balances were reported in Sunland Inc.'s financial statements at year end: 2021 2020 Cash $ 19,350 $ 8,900 Buildings 852,000 743,000 Equipment 405,000 351,400 Land 103,000 58,500 Accumulated depreciation-buildings 309,000 296,000 Accumulated depreciation equipment 133,000 99,500 Dividends payable 6,650 3,100 Mortgage payable 548,200 588,200 Notes payable 344,000 313,000 Common shares: 5,480 shares in 2021; 4,080 in 2020 543,000 414,000 Retained earnings 209,000 110,000 Cash dividends declared 29,000 13,200 Depreciation expense-buildings 26,500 40,400 Depreciation expense-equipment 47,905 26,050 Retained earnings 209,000 110,000 Cash dividends declared 29,000 13,200 Depreciation expense-buildings 26,500 40,400 Depreciation expense-equipment 47,905 26,050 Gain on sale of equipment 980 0 Loss on sale of building 11,100 0 Interest expense 49,050 44,950 Additional information: 1. Purchased $79,000 of equipment for $11,600 cash and a note payable for the remainder. 2. Equipment was also sold during the year. 3. Sold a building that originally cost $54,000. 4. Used cash to purchase land and a building. 5. Mortgage payments and notes payable payments included interest and principal amounts. 6. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign e.g. - 15,000 or in parenthesis e.g. (15,000).) SUNLAND INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Investing Activities Sale of Equipment $ 11,975 Purchase of Equipment (11,600) Purchase of Land HANN (44,500) Sale of Building 29400 Purchase of Building (163,000) Net Cash Used by Investing Activities $ (177,725) Your answer is correct. What was the amount of profit reported by Sunland Inc. in 2021? Amount of profit $ 128.000 Your answer is partially correct. Determine the amount of any cash inflows or outflows related to financing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).) SUNLAND INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 - Financing Activities Issuance of Common Shares 129,000 Repayment of Note 36,400 Repayment of Mortgage (40,000) Payment of Cash Dividends (25,450) Net Cash Provided by Financing Activities $ 99,950 X Your answer is incorrect. Identify and determine the amount of any noncash financing activities in 2021. Equipment costing $ 147,405 was acquired by paying $ 431,380 cash and issuing a note pay X Your answer is incorrect. Identify and determine the amount of any noncash financing activities in 2021. 147,405 was acquired by paying $ 431,380 cash and issuing a note payable for $ 32,100
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