Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3 On January 1, Year 1, Shelton Company had a balance of $271,000 in its Land account. During Year 1, Shelton sold land that had cost $84,000 for $140,500 cash. The balance in the Land account on December 31, Year 1, was $299,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with a minus sign.) Cash flow from investing activities: Paid for purchase of land Proceeds from sale of land $ 112,000 140,500 Net cash flow from investing activities $ 252,500 < Required A Required B Ch
Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3 On January 1, Year 1, Shelton Company had a balance of $271,000 in its Land account. During Year 1, Shelton sold land that had cost $84,000 for $140,500 cash. The balance in the Land account on December 31, Year 1, was $299,000. Required a. Determine the cash outflow for the purchase of land during Year 1. b. Prepare the investing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with a minus sign.) Cash flow from investing activities: Paid for purchase of land Proceeds from sale of land $ 112,000 140,500 Net cash flow from investing activities $ 252,500 < Required A Required B Ch
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.6: Buying Intangible Assets And Calculating Amortization Expense
Problem 1OYO
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hrd.2
![Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3
On January 1, Year 1, Shelton Company had a balance of $271,000 in its Land account. During Year 1, Shelton sold land that had cost
$84,000 for $140,500 cash. The balance in the Land account on December 31, Year 1, was $299,000.
Required
a. Determine the cash outflow for the purchase of land during Year 1.
b. Prepare the investing activities section of the Year 1 statement of cash flows.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with a minus
sign.)
Cash flow from investing activities:
Paid for purchase of land
Proceeds from sale of land
$
112,000
140,500
Net cash flow from investing activities
$
252,500
< Required A
Required B
Ch](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd1de6e49-d0e6-4b63-8e2c-8fae04076b6a%2Fcbe696ac-25c2-4f0a-ba84-357f6450f6ad%2Fbtj2j5i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3
On January 1, Year 1, Shelton Company had a balance of $271,000 in its Land account. During Year 1, Shelton sold land that had cost
$84,000 for $140,500 cash. The balance in the Land account on December 31, Year 1, was $299,000.
Required
a. Determine the cash outflow for the purchase of land during Year 1.
b. Prepare the investing activities section of the Year 1 statement of cash flows.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with a minus
sign.)
Cash flow from investing activities:
Paid for purchase of land
Proceeds from sale of land
$
112,000
140,500
Net cash flow from investing activities
$
252,500
< Required A
Required B
Ch
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