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I need help calculating what land sold for, I have attached the information I was given to work with. I need to do a cash
I need help calculating what land sold for, I have attached the information I was given to work with.
I need to do a cash flow statement and I am good up until the sale of the land. Can someone explain to me how to calculate what the land sold for. Additional Information: Land with the land improvements were sold at book value (no gain or loss) in 2014 (Note: To evaluate the sale, use the following accounts land, building and land improvements and other noncurrent assets. New equipment purchased with cash for $2,739,067 in 2014 New storage building purchased with cash for $135,000 in 2015 No investments have been sold or purchased in 2014 or 2015 The trial balance has: Land Buildings and Land Improvements Other Noncurrent Assets Accumulated Depreciation 2013 $146,250 $779,882 $ 67,301 (205,000) 2014 $131,040 $698,775 (764,692) 2015 $131,040 $833,775 (1,381,8470 Cash Flow Statement Cash flows from operating activities: Net Income Depreciation Expense Change in Current Assets Change in Current Liabilities Net Cash Used in operating 2015 $8,670,829 617,155 19,023,570 (13,064,170) $15,247,384 2014 $22,197,685 581,012 (85,897,565) 81,248,888 $18,130,020 Cash flows from investing activities: Sale of land Purchase of Equipment Purchase of Building Net Cash Used by Investing (135,000) (135,000) Cash flows from financing activities: Payment of Dividends Net cash used from financing (15,000,000) (15,000,000) (15,000,000) (15,000,000) Net increase (decrease) in cash Cash at the beginning of the year $112,385 4,4339,579 $283,251 4,056,328 (2,739,067) Cash at the end of the year $4,451,964 $4,339,579Step by Step Solution
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