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Statement of Cash Flows, Investing Activities. The following were taken from the records of CEBU Company on December 31, 2021 regarding its non-current assets: (1) Equipment EQUIPMENT Particulars Debit Credit January 1, 2021 - Beginning balance May 31, 2021 - Acquisition October 31, 2021 – Disposal 440,000 260,000 P 100,000 ACCUMULATED DEPRECIATION – EQUIPMENT Particulars Debit Credit January 1, 2021- Beginning balance October 31, 2021 - Disposal December 31, 2021 – Depreciation expense 140,000 60,000 120,000 In addition, on the income statement of CEBU, a gain on sale of equipment amounting to P5,000 was presented. (2) Investments in Associates INVESTMENT IN ASSOCIATES Particulars Debit Credit January 1, 2021 – Beginning balance March 31, 2021 - Acquisition July 31, 2021 - Disposal December 31, 2021 – Share in net income December 31, 2021 – Dividends received 1,200,000 960,000 500,000 P 290,000 120,000 In addition, on the income statement of CEBU, a loss on sale of investment amounting to P45,000 was presented.

Statement of Cash Flows, Investing Activities. The following were taken from the records of CEBU Company on December 31, 2021 regarding its non-current assets: (1) Equipment EQUIPMENT Particulars Debit Credit January 1, 2021 - Beginning balance May 31, 2021 - Acquisition October 31, 2021 – Disposal 440,000 260,000 P 100,000 ACCUMULATED DEPRECIATION – EQUIPMENT Particulars Debit Credit January 1, 2021- Beginning balance October 31, 2021 - Disposal December 31, 2021 – Depreciation expense 140,000 60,000 120,000 In addition, on the income statement of CEBU, a gain on sale of equipment amounting to P5,000 was presented. (2) Investments in Associates INVESTMENT IN ASSOCIATES Particulars Debit Credit January 1, 2021 – Beginning balance March 31, 2021 - Acquisition July 31, 2021 - Disposal December 31, 2021 – Share in net income December 31, 2021 – Dividends received 1,200,000 960,000 500,000 P 290,000 120,000 In addition, on the income statement of CEBU, a loss on sale of investment amounting to P45,000 was presented.

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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INVESTING ACTIVITIES

HOW MUCH WAS THE CASH RECEIVED FROM THE SALE OF EQUIPMENT?

Statement of Cash Flows, Investing Activities. The following were taken from the records of CEBU Company on December 31, 2021 regarding its non-current assets: (1) Equipment EQUIPMENT Particulars Debit Credit | January 1, 2021 – Beginning balance May 31, 2021 - Acquisition October 31, 2021 - Disposal 440,000 260,000 P 100,000 ACCUMULATED DEPRECIATION - EQUIPMENT Particulars Debit Credit January 1, 2021 - Beginning balance October 31, 2021 - Disposal December 31, 2021 - Depreciation expense 140,000 P 60,000 120,000 In addition, on the income statement of CEBU, a gain on sale of equipment amounting to P5,000 was presented. (2) Investments in Associates INVESTMENT IN ASSOCIATES Particulars Debit Credit January 1, 2021 - Beginning balance March 31, 2021- Acquisition July 31, 2021 - Disposal December 31, 2021 - Share in net income December 31, 2021 – Dividends received P 1,200,000 960,000 P 500,000 290,000 120,000 In addition, on the income statement of CEBU, a loss on sale of investment amounting to P45,000 was presented.
Transcribed Image Text:Statement of Cash Flows, Investing Activities. The following were taken from the records of CEBU Company on December 31, 2021 regarding its non-current assets: (1) Equipment EQUIPMENT Particulars Debit Credit | January 1, 2021 – Beginning balance May 31, 2021 - Acquisition October 31, 2021 - Disposal 440,000 260,000 P 100,000 ACCUMULATED DEPRECIATION - EQUIPMENT Particulars Debit Credit January 1, 2021 - Beginning balance October 31, 2021 - Disposal December 31, 2021 - Depreciation expense 140,000 P 60,000 120,000 In addition, on the income statement of CEBU, a gain on sale of equipment amounting to P5,000 was presented. (2) Investments in Associates INVESTMENT IN ASSOCIATES Particulars Debit Credit January 1, 2021 - Beginning balance March 31, 2021- Acquisition July 31, 2021 - Disposal December 31, 2021 - Share in net income December 31, 2021 – Dividends received P 1,200,000 960,000 P 500,000 290,000 120,000 In addition, on the income statement of CEBU, a loss on sale of investment amounting to P45,000 was presented.
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