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Additional information: 1. 2. Long-term investments were purchased during the year; none were sold. Equipment was purchased during the year. In addition, equipment with a cost of $100 and a carrying amount of $70 was sold at a gain of $10.

Additional information: 1. 2. Long-term investments were purchased during the year; none were sold. Equipment was purchased during the year. In addition, equipment with a cost of $100 and a carrying amount of $70 was sold at a gain of $10.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Blossom Corporation reported the following information (in thousands) at December 31, 2018: Long-term investments Land Buildings Accumulated depreciation- buildings Equipment Accumulated depreciation- equipment Additional information: 1. 2. 2018 $180 260 300 110 570 300 Long-term investments were purchased during the year; none were sold. 2017 $85 260 300 50 375 300 Equipment was purchased during the year. In addition, equipment with a cost of $100 and a carrying amount of $70 was sold at a gain of $10. Prepare the investing activities section of Blossom's statement of cash flows for the year.
Transcribed Image Text:Blossom Corporation reported the following information (in thousands) at December 31, 2018: Long-term investments Land Buildings Accumulated depreciation- buildings Equipment Accumulated depreciation- equipment Additional information: 1. 2. 2018 $180 260 300 110 570 300 Long-term investments were purchased during the year; none were sold. 2017 $85 260 300 50 375 300 Equipment was purchased during the year. In addition, equipment with a cost of $100 and a carrying amount of $70 was sold at a gain of $10. Prepare the investing activities section of Blossom's statement of cash flows for the year.
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