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following information. NFP, a nongovernmental not-for-profit entity, reported a change in net assets of $300,000 for the current year. Changes occurred in several balance sheet
following information. NFP, a nongovernmental not-for-profit entity, reported a change in net assets of $300,000 for the current year. Changes occurred in several balance sheet accounts as follows: Equipment: $25,000 increase Accumulated depreciation: 40,000 increase Note payable: 30,000 increase Additional Information: - During the current year, NFP sold equipment costing $25,000, with accumulated depreciation of $12,000, for a gain of $5,000. - In December of the current year, NFP purchased equipment costing $50,000 with $20,000 cash and a 12% note payable of $30,000. - Depreciation expense for the year was $52,000. In NFP's current-year statement of cash flows, net cash provided by operating activities should be $340,000$347,000$352,000$357,000 The following information was taken from the accounting records of Gorky Corporation for the year ended December 31 , Year 1: Proceeds from issuance of preferred stock: $8,000,000 Dividends paid on preferred stock: 800,000 Bonds payable converted to common stock: 4,000,000 Payment for purchase of machinery: 1,000,000 Proceeds from sale of plant building: 2,400,000 2% stock dividend on common stock: 600,000 Gain on sale of plant building: 400,000 The net cash flows from investing and financing activities that should be presented on Gorky's statement of cash flows for the year ended December 31, Year 1, are respectively $1,400,000and$7,200,000.$1,400,000and$7,800,000.$1,800,000and$7,800,000.$1,800,000and$7,200,000
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