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Consecutive balance sheets of Crow Ltd showed the following balances: Land 30 June 2009 30 June 2008 $890,000 Asset revaluation surplus $155,000 $560,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?

Consecutive balance sheets of Crow Ltd showed the following balances: Land 30 June 2009 30 June 2008 $890,000 Asset revaluation surplus $155,000 $560,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.23MCE
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What was the value of land purchased for cash

Consecutive balance sheets of Crow Ltd showed the following balances: Land 30 June 2009 30 June 2008 $890,000 Asset revaluation surplus $155,000 $560,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?
Transcribed Image Text:Consecutive balance sheets of Crow Ltd showed the following balances: Land 30 June 2009 30 June 2008 $890,000 Asset revaluation surplus $155,000 $560,000 During the year ended 30 June 2009, the land was revalued upwards by $155,000, and $135,000 was borrowed to acquire land. What was the value of land purchased for cash?
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