Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3 On January 1, Year 1,...

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 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

Answer rating: 100% (QA)

Required A To determine the cash outflow for the purchase of land during Ye... View the full answer