3-140 InstructionsDuring 20X1, Craig Company had the following transactions:A. Purchased $200,200 of 10-year bonds issued by Makenzie Inc.B. Acquired land valued at $70,000 in exchange for machinery.C. Sold equipment with original cost of $540,200 for $329,200; accumulated depreciation taken on the equipment to the point of sale was$179,200.D. Purchased new machinery for $120,300.E. Purchased common stock in Lemmons Company for $55,000.Required:1. Prepare the net cash from investing activities section of the statement of cash flows.2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? Whatother information would you like to have to make this decision? Statement of Cash Flows (Partial)1. Prepare the net cash from investing activities section of the statement of cash flows. (Note: Use a minus sign to indicate any decreases in cash or cash outflows. Refer to the Amount Descriptions list provided for the exactwording of the answer choices for text entries.)Amount Descriptions and LabelsCraig CompanyRefer to the list below for the exact wording of an amount description or label within your Statement of Cash Flows.Statement of Cash Flows (Partial)Year Ending December 31, 20X1Amount DescriptionsLabels1 (Label)Land in exchange for machineryCash flows from financing activitiesNet cash from investing activitiesCash flows from investing activities2Purchase of bondsNoncash investing activityPurchase of common stockPurchase of new machinerySale of equipment7 (Label)

Statement of cash flow: It refers to a financial statement that shows all the cash payments and…

During 20X1, Craig Company had the following transactions: A. Purchased $200,200 of 10-year bonds issued by Makenzie Inc. B. Acquired land valued at $70,000 in exchange for machinery. C. Sold equipment with original cost of $540,200 for $329,200; accumulated depreciation taken on the equipment to the point of sale was $179,200. D. Purchased new machinery for $120,300. E. Purchased common stock in Lemmons Company for $55,000. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?

During 20X1, Craig Company had the following transactions: A. Purchased $200,200 of 10-year bonds issued by Makenzie Inc. B. Acquired land valued at $70,000 in exchange for machinery. C. Sold equipment with original cost of $540,200 for $329,200; accumulated depreciation taken on the equipment to the point of sale was $179,200. D. Purchased new machinery for $120,300. E. Purchased common stock in Lemmons Company for $55,000. Required: 1. Prepare the net cash from investing activities section of the statement of cash flows. 2. CONCEPTUAL CONNECTION Usually, the net cash from investing activities is negative. How can Craig cover this negative cash flow? What other information would you like to have to make this decision?

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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