Sheridan Inc is a private company reporting under ASPE. The following selected account balances were reported in Sheridan Inc's financial statements at year end: 2021 Cash $ 19,275 850,500 404,000 102,000 2020 $8,850 742,000 350,600 57,750 295,250 308,500 132.000 98,750 6,600 3,050 547,800 587,800 343,500 312,500 Buildings Equipment Land Accumulated depreciation-buildings Accumulated depreciation equipment Dividends payable Mortgage payable Notes payable Common shares: 5,470 shares in 2021: 4.070 in 2020 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense 542,500 413,500 208,000 109,000 12,800 28,500 26,250 40,350 47.855 26,000 970 0 10,900 0 48,950 44,850 2. Additional information: 1. Purchased $78,500 of equipment for $11.400 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $53,500. Used cash to purchase land and a building. 5. Mortgage payments and notes payable payments included interest and principal amounts. 3. 4. 6. Common shares were issued for cash. (a) Your answer is correct Determine the amount of any cash inflows or outflows related to investing activities in 2021. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-signe.g.-15,000 or in parenthesis e.g. (15,000).) SHERIDAN INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Investing Activities Purchase of Building - 162000 Sale of Building 29600 Purchase of Equipment - 11400 Sale of Equipment 11465 Purchase of Land -44250 Net Cash Used by Investing Activities $ -176585 (c) Your Answer Correct Answer Your answer is correct Determine the amount of any cash inflows or outflows related to financing activities in 2021. (Hint: Use Taccounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-signeg.-15,000 or in parenthesis e.g. (15,000).) SHERIDAN INC. Cash Flow Statement (Partial) Year Ended December 31, 2021 Financing Activities Issuance of Common Shares 129000 Payment of Cash Dividends -24950 Repayment of Note -36100 Repayment of Mortgage -40000 Net Cash Provided by Financing Activities 27950 eTextbook and Media Assistance Used Solution Attempts: 3 of 3 used (d) Your answer is correct Identify and determine the amount of any noncash financing activities in 2021. Equipment costing $ 78500 was acquired by paying $ 11400 cash and issuing a note paya e Textbook and Media Attempts: 1 of 3 used (e) Your answer is partially correct. Calculate the cash operating activities. (Hint: Using the cash balances provided, calculate increase or decrease in cash first.) (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) Cash from net cash provided by operating activities $ eTextbook and Media Assistance Used