23 of 24 View Policies Current Attempt in Progress -/5 Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Cheyenne Inc. for the year ended December 31, 2017. State where each item is to be shown in the statement of cash flows, if at all. (a) Patent amortization for the year was $17,000. During the year, treasury stock costing $30,000 was purchased. (b) (c) (d) Plant assets that had cost $19,000 6 years before and were being depreciated on a straight-line basis over 10 years with no estimated scrap value were sold for $4,100. Sale proceeds Loss on sale of plant assets The company sustained a net loss for the year of $54,000. Depreciation amounted to $35,000, and a gain of $19,000 was realized on the sale of land for $42.000 cash. Net Loss (d) Loss on sale of plant assets The company sustained a net loss for the year of $54,000. Depreciation amounted to $35,000, and a gain of $19,000 was realized on the sale of land for $42.000 cash. Net Loss (e) (f) Depreciation: Gain on Sale of Land Proceeds from the Sale of Land During the year, 11,000 shares of common stock with a stated value of $10 share were issued for $92 a share. The company exchanged common stock for a 70% interest in Tabasco Co. worth $931,000. 30 $ $ Attempt in Progress Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Cheyenne Inc. B ended December 31, 2017. State where each item is to be shown in the statement of cash flows, if at all. (a) Patent amortization for the year was $17,000. (b) (c) During the year, treasury stock costing $30,000 was purchased. Plant assets that had cost $19,000 6 years before and were being depreciated on a straight-line basis over 10 years with no estimated scrap value were sold for $4,100. Sale proceeds Financing Activities Investing Activities Noncash Investing and Financing Activity Not Shown Operating Activities Loss on sale of plant assets