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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 During the year ended 30 $560,000 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 During the year ended 30 $560,000 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?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 55PSA
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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 During the year ended 30 $560,000 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 During the year ended 30 $560,000 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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