The following breakdown of the MNO Corporation's property, plant and equipment and bonds payable is presented below: December 31, 2021 December 31, 2022 P4,000,000 P5,000,000 Land Buildings 50,000,000 75,000,000 Less: Accumulated Depreciation - Buildings (7,500,000) (14,250,000) Equipment 55,000,000 40,000,000 Less: Accumulated Depreciation - Equipment (11,000,000) (7,500,000) Bonds payable 10,000,000 A land was acquired for cash during the year. Also, two buildings were acquired during the year. One was acquired by issuing bonds payable at par while another was acquired for cash. Lastly, an equipment was sold for cash at a gain of P1,500,000. Total depreciation expense recorded totaled P11,250,000 in 2022. 7. How much is the cash received from the sale of equipment in 2022? 8. The net cash flow to be included in the investing activities section of the company's statement of cash flows in 2022 is: (Indicate if increase or decrease)

The following breakdown of the MNO Corporation's property, plant and equipment and bonds payable is presented below: December 31, 2021 December 31, 2022 P4,000,000 P5,000,000 Land Buildings 50,000,000 75,000,000 Less: Accumulated Depreciation - Buildings (7,500,000) (14,250,000) Equipment 55,000,000 40,000,000 Less: Accumulated Depreciation - Equipment (11,000,000) (7,500,000) Bonds payable 10,000,000 A land was acquired for cash during the year. Also, two buildings were acquired during the year. One was acquired by issuing bonds payable at par while another was acquired for cash. Lastly, an equipment was sold for cash at a gain of P1,500,000. Total depreciation expense recorded totaled P11,250,000 in 2022. 7. How much is the cash received from the sale of equipment in 2022? 8. The net cash flow to be included in the investing activities section of the company's statement of cash flows in 2022 is: (Indicate if increase or decrease)

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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