Requlred Information P3.7 (Algo) Recording Journal Entries and Identifying Cash Flow Effects LO3.4, 3.7 [The following information applles to the questions displayed below.] PIne Falr, L.P. (LImlted Partnership), Is one of the largest reglonal amusement park operators in the world, owning 11 amusement parks, two water parks, and four hotels. The parks Include PIne PoInt In Ohlo; Valleyfalr near MInneapolis/St. Paul; Dorney Park and Wildwater KIngdom near Allentown, Pennsylvanla; Worlds of Fun In Kansas City; Great America In Santa Clara, Callfornla; and Canada's Wonderland near Toronto, Canada, among several others. The following are summarized transactions similar to those that occurred in a recent year. Dollars are in thousands. a. Guests at the parks paid $636,042 cash In admissions. b. The primary operating expenses for the year were employee wages of 465,416 , with $433,630 pald in cash and the rest to be paid to employees in the following year. c. PIne Fair pald $49,500 principal on long-term notes payable. d. The parks sells merchandise in park stores. The cash recelved during the year for sales was $397,693. The cost of the Inventory sold during the year was $100,057. e. PIne Falr purchased and bullt additional rides and other equipment during the year, paying $97,390 in cash. f. Guests may stay In the parks at accommodations owned by the company. During the year, accommodations revenue was $89,394; $87,855 was pald by the guests in cash and the rest was owed on account. g. Interest Incurred and pald on long-term debt was $169,326. h. The company purchased $159,531 In Inventory for the park stores during the year, paying $129,031 In cash and owing the rest on account. I. Advertlsing costs for the parks were $152,426 for the year; $142,844 was pald In cash and the rest was owed on account. J. PIne Fair pald $13,200 on accounts payable durlng the year. P3-7 Part 2 2. For the transactions below, Indicate how the transactions will affect the statement of cash flows. Cash outflows should be entered as negatlve amounts. The first transaction is provided as an example. (If there is no effect on the statement of cash flows, select "No effect". Enter your answers in thousands, not In dollars. Cash outflows should be Indlcated with a minus sign.)