E7-28A. (Learning Objective 6: Reporting cash flows for property and equipment) Assume Shoe Warehouse Corporation completed the
Question:
E7-28A. (Learning Objective 6: Reporting cash flows for property and equipment) Assume Shoe Warehouse Corporation completed the following transactions:
a. Sold a store building for $680,000. The building had cost Shoe Warehouse $1,800,000, and at the time of the sale its accumulated depreciation totaled $1,100,000.
b. Lost a store building in a fire. The building cost $390,000 and had accumulated depreciation of $180,000. The insurance proceeds received by Shoe Warehouse totaled
$140,000.
c. Renovated a store at a cost of $170,000.
d. Purchased store fixtures for $80,000. The fixtures are expected to remain in service for 10 years and then be sold for $10,000. Shoe Warehouse uses the straight-line depreciation method.
For each transaction, show what Shoe Warehouse would report for investing activities on its statement of cash flows. Show negative amounts in parentheses.
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