Statement of Cash Flows (Indirect Method) Arctic Companys income statement and comparative balance sheets follow.

Q: Need help understanding how to calculate PPE. I thought it was negative 82800 for a total of $40,000 in Net cash used in Investing activities but that was wrong as well.

What am I doing wrong? -- Thanks in advance!

Question 5 Partially correct Mark 25.00 out of 27.00 P Flag question Edit question Statement of Cash Flows (Indirect Method) Arctic Company's income statement and comparative balance sheets follow. ARCTIC COMPANY Income Statement For Year Ended December 31, 2019 Sales $436,800 Cost of goods sold $320,400 Wages expense 114,000 Advertising expense 18,600 Depreciation expense 13,200 Interest expense 10,800 Gain on sale of land (15,000) 462,000 Net loss $(25,200) ( Total assets ARCTIC COMPANY Balance Sheet Dec. 31, 2019 Dec. 31, 2018 , Assets Cash $29,400 $16,800 Accounts recevable ca 25,200 30,000 Inventory 64,200 67,800 Prepaid advertising 6,000 7,800 PPE 216,000 133.200 Accumulated depreciation (46,800) (33,600) $ 294,000 $222.000 Liabilities and Stockholders' Equity Accounts payable $10,200 $18,600 Interest payable 3,600 Bonds payable 120,000 Common stock 147,000 147,000 Retained earnings 31,200 56,400 Treasury stock (18,000) Total liabilities and equity $294,000 5222.000 During 2019, Arctic sold land for $42,000 cash that had originally cost $27,000. Arctic also purchased equipment for cash, acquired treasury stock for cash, and issued bonds payable for cash in 2019. Accounts payable relate to merchandise purchases. Required a. Compute the change in cash that occurred during 2019. Note: Do not use a negative sign with your answer. $ 12,600 Increase in cash b. Prepare a 2019 statement of cash flows using the indirect method. Arctic Company Statement of Cash Flows For Year Ended December 31, 2019 Operating Activities Net loss $ (25,200) Add(Deduct) Items to Convert Net Loss to Cash Basis Depreciation 13,200 Gain on Sale of Land (15,000) Accounts Receivable Decrease 4,800 Inventory Decrease 3,600 Prepaid Advertising Decrease 1,800 Accounts Payable Decrease (8,400) Interest Payable Increase 3,600 Net Cash Used by Operating Activities Investing Activities Sale of Land 42,000 Purchase of Equipment 82,800 x Net Cash Used by Investing Activities Financing Activities Issuance of Bonds Payable 120,000 Purchase of Treasury Stock (18,000) Net Cash Provided by Financing Activities Net Increase in Cash Cash at Beginning of Year Cash at End of Year > $ (21,600) > 124,800 x > > 5 102,000 12,600 16,800 29,400 $