Question
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
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Determine the cash outflow for the purchase of land during Year 1.
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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
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Determine the original cost of the equipment that was sold during Year 1.
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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
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Determine the cash outflow for the repayment of bond liabilities assuming that the bonds were retired at face value.
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Prepare the financing activities section of the Year 1 statement of cash flows.
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