Financial Statement Balances Provide correct answers for the following:

a. Snorkel Company reported cash receipts of $128,000 from the sale of land in the Cash Flow from Investing Activities section of its cash flow statement. It also reported a deduction of $23,000 from net income for a gain on the sale of land in the Cash Flow from Operations section of the cash flow statement. What was the carrying value of the land on Snorkel’s books at the time of sale?

b. Turnbuckle Corporation reported cash provided by financing activities of $34,000, cash used in investing activities of $87,000, cash provided by operations of $135,000, a direct exchange of preferred stock with a fair value of

$190,000 for land to be used for expansion, and an ending cash balance of $113,000. What was the cash balance at the beginning of the year?

c. Sulter Company reported cash provided by operations of

$185,000. Adjustments to net income consisted of an increase in accounts receivable of $39,000, an increase in accounts payable of $27,000, a loss on sale of land of

$13,000, depreciation of $22,000, and a decrease in taxes payable of $42,000. What amount did Sulter report as net income for the year?