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Jamison Corp.'s balance sheet accounts as of December 31, 2015 and 2014 and information relating to 2015 activities are presented below.

December 31,

2015

2014

Assets
Cash		$ 440,000	$ 200,000

Short-term investments			600,000
Accounts receivable (net)			1,020,000	1,020,000
Inventory			1,380,000	1,200,000
Long-term investments			400,000	600,000
Plant assets			3,400,000	2,000,000
Accumulated depreciation			(900,000)	(900,000)
Patent			180,000	200,000

Total assets

$6,520,000

$4,320,000

Liabilities and Stockholders' Equity Accounts payable and accrued liabilities			$1,660,000	$1,440,000
Notes payable (nontrade)			580,000
Common stock, $10 par			1,600,000	1,400,000
Additional paid-in capital			800,000	500,000
Retained earnings			1,880,000	980,000

Total liabilities and stockholders' equity

$6,520,000

$4,320,000

Information relating to 2015 activities: Net income for 2015 was $1,300,000. Cash dividends of $400,000 were declared and paid in 2015. Equipment costing $1,000,000 and having a carrying amount of $320,000 was sold in 2015 for $360,000. A long-term investment was sold in 2015 for $320,000. There were no other transactions affecting long-term investments in 2015. 20,000 shares of common stock were issued in 2015 for $25 a share. Short-term investments consist of treasury bills maturing on 6/30/16.

Use the Jamison balance sheets and additional information from the question number 27 to determine the gain or loss on the sale of the long-term investments

gain of $200,000

loss of $320,000

Gain of $120,000

Loss of $200,000

Refer to the Jamison balance sheets and related additional data from question number 27.

What is the cost of plan assets purchased in 2015?

$2,400,000

$1,400,000

$1,000,000

$1,140,000

Refer to the data provided in question number 27. What is the most likely reason the patent account balance changed?

sale of a patent at cost

sale of a patent at a gain

amortization of a patent

purchase of a patent

Use the Jamison balance sheets and additional information from question number 27. Which choice below places the correct amounts related to the sale of the equipment on the Statement of Cash Flows in the correct areas?

operating cash flow of $360,000 and investing cash flow of ( $1,000,000)

operating cash flow of ($40,000) and investing cash flow of $360,000

operating cash flow of $320,000 and investing cash flow of $360,000

no amount appears in the operating cash flow section and ($1,000,000) is shown as an investing cash flow

Use the Jamison balance sheets and additional information from quesation number 27.

How much depreciation expense is added back to net income in to compute the cash flow from operating activities?

(NOTE: after you answer this question, go back to question 27 and choose the correct answer for the cash flows from operating activities. Then answer the last two questions on this exam --the investing and financing cash flow amounts.)

	none
	$900,000
	$680,000
	$700,000