Following is a list of non-cash transaction to be disclosed. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Land of $41,600 acquired for common shares. Equipment of $36,300 acquired for note payable. Land of $36,300 acquired for common shares. Equipment of $41,600 acquired for note payable. Prepare separate disclosure of cash paid for interest and income tax, as is required by ASPE. (Deductible amounts and cash outflows should be indicated with minus sign.) Cash paid for interest Cash paid for income tax The records of Koop Co. provided the following information for the year ended 31 December 20X8: Statement of Comprehensive Income For year ended 31 December 20X8 Sales revenue $ 404,400 Cost of goods sold (294,400) Depreciation expense (22,600) Insurance expense (2,300) Interest expense (4,600) Salaries and wages expense (27,600) Remaining expenses (29,900) Loss on sale of equipment (4,600) Income tax expense (18,000) Net earnings and comprehensive $ 400 income Statement of Financial Position As of 31 December 20x8 20X7 Cash $ 140,300 $ 77,200 Accounts receivable 71,300 62,900 Inventory 35,800 21,900 Prepaid interest 3,000 5,300 Buildings and equipment 173,500 170,500 Accumulated depreciation (45,000) (44,200) Land 173,800 88,600 Total $552,700 $382,200 $ 39,600 8.900 Accounts payable Wages payable Income tax payable Notes payable, long-term Common shares $ 45,300 4.600 12.800 130,300 332,800 66.900 223,100 Statement of Financial Position As of 31 December 20X8 20x7 Cash $ 140,300 $ 77,200 Accounts receivable 71,300 62,900 Inventory 35,800 21,900 Prepaid interest 3,000 5,300 Buildings and equipment 173,500 170,500 Accumulated depreciation (45,000) (44,200) Land 173,800 88,600 Total Accounts payable Wages payable Income tax payable Notes payable, long-term Common shares Retained earnings $552,700 $382,200 $ 45,300 39,600 4,600 8,900 12,800 130,300 66,900 332.800 223,100 26,900 43,700 Total $552,700 $382.200 Additional Information: a. Sold equipment for cash (cost, $32,900; accumulated depreciation, $21.400). b. Purchased land, $43,600 cash c. Acquired land for $41,600 and issued common shares as payment in full d. Acquired equipment, cost $36,300; issued a $36,300, three-year, interest-bearing note payable. Required: Prepare the SCF, using the two-step indirect method. Analyze every account to ensure all changes are included. Assume unexplained changes are from logical sources. (Deductible amounts and Cash outflows should be indicated with minus sign.) Following is a list of non-cash transaction to be disclosed. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) Land of $41,600 acquired for common shares. Equipment of $36,300 acquired for note payable. Land of $36,300 acquired for common shares. Equipment of $41,600 acquired for note payable. Prepare separate disclosure of cash paid for interest and income tax, as is required by ASPE. (Deductible amounts and cash outflows should be indicated with minus sign.) Cash paid for interest Cash paid for income tax The records of Koop Co. provided the following information for the year ended 31 December 20X8: Statement of Comprehensive Income For year ended 31 December 20X8 Sales revenue $ 404,400 Cost of goods sold (294,400) Depreciation expense (22,600) Insurance expense (2,300) Interest expense (4,600) Salaries and wages expense (27,600) Remaining expenses (29,900) Loss on sale of equipment (4,600) Income tax expense (18,000) Net earnings and comprehensive $ 400 income Statement of Financial Position As of 31 December 20x8 20X7 Cash $ 140,300 $ 77,200 Accounts receivable 71,300 62,900 Inventory 35,800 21,900 Prepaid interest 3,000 5,300 Buildings and equipment 173,500 170,500 Accumulated depreciation (45,000) (44,200) Land 173,800 88,600 Total $552,700 $382,200 $ 39,600 8.900 Accounts payable Wages payable Income tax payable Notes payable, long-term Common shares $ 45,300 4.600 12.800 130,300 332,800 66.900 223,100 Statement of Financial Position As of 31 December 20X8 20x7 Cash $ 140,300 $ 77,200 Accounts receivable 71,300 62,900 Inventory 35,800 21,900 Prepaid interest 3,000 5,300 Buildings and equipment 173,500 170,500 Accumulated depreciation (45,000) (44,200) Land 173,800 88,600 Total Accounts payable Wages payable Income tax payable Notes payable, long-term Common shares Retained earnings $552,700 $382,200 $ 45,300 39,600 4,600 8,900 12,800 130,300 66,900 332.800 223,100 26,900 43,700 Total $552,700 $382.200 Additional Information: a. Sold equipment for cash (cost, $32,900; accumulated depreciation, $21.400). b. Purchased land, $43,600 cash c. Acquired land for $41,600 and issued common shares as payment in full d. Acquired equipment, cost $36,300; issued a $36,300, three-year, interest-bearing note payable. Required: Prepare the SCF, using the two-step indirect method. Analyze every account to ensure all changes are included. Assume unexplained changes are from logical sources. (Deductible amounts and Cash outflows should be indicated with minus sign.)
