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plz help if u can. trying to learnn ////////////////////////////////////////////////////// On January 1, Year 1, Benson Company had a balance of $274,000 in its Land account.

plz help if u can. trying to learnn

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On January 1, Year 1, Benson Company had a balance of $274,000 in its Land account. During Year 1, Benson sold land that had cost $77,500 for $153,500 cash. The balance in the Land account on December 31, Year 1, was $290,000.

Required

  1. Determine the cash outflow for the purchase of land during Year 1.

  2. Prepare the investing activities section of the Year 1 statement of cash flows.

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On January 1, Year 1, Benson Company had a balance of $75,100 in its Delivery Equipment account. During Year 1, Benson purchased delivery equipment that cost $30,500. The balance in the Delivery Equipment account on December 31, Year 1, was $75,851. The Year 1 income statement reported a gain from the sale of equipment for $3,100. On the date of sale, accumulated depreciation on the equipment sold amounted to $10,000.

Required

  1. Determine the original cost of the equipment that was sold during Year 1.

  2. Determine the amount of cash flow from the sale of delivery equipment that should be shown in the investing activities section of the Year 1 statement of cash flows.

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On January 1, Year 1, Benson Company had a balance of $460,000 in its Bonds Payable account. During Year 1, Benson issued bonds with a $168,000 face value. There was no premium or discount associated with the bond issue. The balance in the Bonds Payable account on December 31, Year 1, was $236,000.

Required

  1. Determine the cash outflow for the repayment of bond liabilities assuming that the bonds were retired at face value.

  2. Prepare the financing activities section of the Year 1 statement of cash flows.

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