Long-term investments Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment dditional information: 1 2 2024 2023 $190 300 400 110 540 200 $70 300 400 60 310 200 The company purchased long-term investments during the year; none were sold. The company purchased equipment during the year and sold some equipment that cost $110 and had a carrying amo $70 for a gain of $15. repare the investing activities section of Crane's statement of cash flows for the year. (Show amounts that decrease cash flow -sign e.g.-15,000 or in parenthesis e.g. (15,000).) CRANE CORPORATION Statement of Cash Flows (Partial) ($ in thousands) Year Ended December 31, 2024

Long-term investments Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment dditional information: 1 2 2024 2023 $190 300 400 110 540 200 $70 300 400 60 310 200 The company purchased long-term investments during the year; none were sold. The company purchased equipment during the year and sold some equipment that cost $110 and had a carrying amo $70 for a gain of $15. repare the investing activities section of Crane's statement of cash flows for the year. (Show amounts that decrease cash flow -sign e.g.-15,000 or in parenthesis e.g. (15,000).) CRANE CORPORATION Statement of Cash Flows (Partial) ($ in thousands) Year Ended December 31, 2024

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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Cullumber Corporation reported the following information (in thousands) at December 31, 2024: 2024 2023 Long-term investments $200 $95 Land 290 290 Buildings 330 330 Accumulated depreciation-buildings 120 75 Equipment 520 390 Accumulated depreciation-equipment 300 300 Additional information: 1. The company purchased long-term investments during the year; none were sold. 2. The company purchased equipment during the year and sold some equipment that cost $200 and had a carrying amount of $80 for a gain of $30. Prepare the investing activities section of Cullumber's statement of cash flows for the year. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000). Enter amounts in thousands.)
Assume a company did not purchase any equipment during the year, but it did sell a piece of equipment that had an original cost of $500,000 and accumulated depreciation of $300,000. The gain on the sale was $25,000. Based solely on the information provided, the company’s net cash provided by (used in) investing activities would be: Multiple Choice $200,000. $225,000. $250,000. $275,000.
onsider the following data on an asset:Cost of the asset, I $235,000Useful life, N 5 yearsSalvage value, S $ 60,000Compute the annual depreciation allowances and theresulting book values, using(a) The straight-line depreciation method.(b) The double-declining-balance method
A fixed asset with a cost of $31,365.00 and accumulated depreciation of $28,228.50 is sold for $5,332.05. What is the amount of the gain or loss on disposal of the fixed asset? Select the correct answer. $3,136.50 loss $2,195.55 loss $2,195.55 gain $3,136.50 gain
K Depreciation Norton Systems acquired two new assets. Asset A was research equipment costing $19,000 and having a 3-year recovery period. Asset B was duplicating equipment having an installed cost of $56,000 and a 5-year recovery period. Using the MACRS depreciation percentages, prepare a depreciation schedule for each of these assets. Complete the depreciation schedule for asset A below: Recovery Year 1 ... Depreciation (Round to the nearest dollar.) edit: 0 Qu Qu
Required information [The following information applies to the questions displayed below.] Hero Sandwich Shop had the following long-term asset balances as of January 1, 2024: Land Building Equipment Patent Cost $86,000 451,000 227,900 205,000 Accumulated Depreciation Book Value $86,000 288,640 179,700 123,000 • Hero purchased all the assets at the beginning of 2022. • The building is depreciated over a 10-year service life using the double-declining-balance method and estimating no residual Land Building Equipment Patent 0 value. • The equipment is depreciated over a 9-year service life using the straight-line method with an estimated residual value of $11,000. HERO SANDWICH SHOP December 31, 2024 $(162,360) (48,200) (82,000) • The patent is estimated to have a five-year useful life with no residual value and is amortized using the straight-line method. • Depreciation and amortization have been recorded for 2022 and 2023 (first two years). 3. Calculate the book value for each of the…
Determining Carrying Value and Amortization of Intangible Assets Review the following information pertaining to Denzel Company. 1. A patent was purchased on January 2 of Year 1 for $104,000 when the remaining legal life was 16 years. On January 2 of Year 3, Denzel determined that the remaining useful life of the patent was only eight years from the date of its acquisition. 2. On January 1 of Year 3, Denzel Company purchased a second patent for $128,000 cash. At January 1 of Year 3, a total of 6 years of the patent's legal life of 20 years had expired. 3. On June 30 of Year 3, Denzel Company paid a firm $12,800 for a new trademark. Denzel considers the life of the trademark to be indefinite. 4. On November 1 of Year 3, Denzel Company acquired all noncash assets and assumed all liabilities of Lee Company at a cash purchase price of $192,000. Denzel determined that the fair value of the identifiable net assets acquired in the transaction is $187,200. Required a. What is the carrying value…
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Required Information [The following information applies to the questions displayed below] Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $830,000. The estimated market values of the purchased assets are building, $467,500, land, $243,100; land improvements, $56,100; and four vehicles, $168,300. Required: 1-a. Allocate the lump-sum purchase price to the separate assets purchased. 1-b. Prepare the journal entry to record the purchase. 2. Compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $29,000 salvage value. 3. Compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation. Complete this question by entering your answers in the tabs below. Required 3 Allocate the lump-sum purchase price to the separate assets purchased. Required 1A Required 18 Required 2 Allocation of total cost Building…
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