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Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A GA $ 0 Required B

Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A GA $ 0 Required B

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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Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A $ 69 69 $ 0 0 Required B >
Transcribed Image Text:Exercise 12-11 (Algo) Reconstructed entries LO P3 For each of the following separate transactions: 1. Sold a building costing $35,000, with $22,000 of accumulated depreciation, for $10,000 cash, resulting in a $3,000 loss. 2. Acquired machinery worth $12,000 by issuing $12,000 in notes payable. 3. Issued 1,200 shares of common stock at par for $2 per share. 4. Long-term notes payable with a carrying value of $41,000 were retired for $49,000 cash, resulting in a $8,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash flows from financing activities < Required A $ 69 69 $ 0 0 Required B >
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