14) The following information on selected cash transactions for 2020 has been provided by Mancuso

Company:

Proceeds from sale of land 160,000

Proceeds from long-term borrowings 400,000

Purchases of plant assets 144,000

Purchases of inventories 680,000

Proceeds from sale of Mancuso ordinary shares 240,000

What is the cash provided or used by investing activities for the year ended December 31, 2020 as a result

of the above information?

A. 16,000 B. 256,000 C. 160,000 D. 800,000

15) Torturer Company reported net income of P340,000 for the year ended December 31, 2014. Included in net income was a gain on early extinguishment of debt of P600,000 related to bonds payable with a carrying amount of P12,000,000. Each of the following accounts increased during 2014: trade notes receivable P450,000, deferred tax liability P100,000, treasury shares, P900,000. What is the amount of cash used by operating activities for the year ended December 31, 2014?

A. 710,000 B. 610,000 C. 110,000 D. 10,000