1. The beginning net position balances are net investment in capital assets. $1709,800, restricted for renovation of the check in stand, $50,000, and unrestricted. $354.692. 2. Net Income for the year was $207190 3. Depreciation expense totaled $69.500. 4. A piece of equipment with a carrying value of $25,000 was sold for $22.500. 5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $302.000. 6. A $12.000 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $125,000. At the end of the year, a $40,000 note associated with the machine remains outstanding 8. The check-in stand was completed for $52.000 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position

1. The beginning net position balances are net investment in capital assets. $1709,800, restricted for renovation of the check in stand, $50,000, and unrestricted. $354.692. 2. Net Income for the year was $207190 3. Depreciation expense totaled $69.500. 4. A piece of equipment with a carrying value of $25,000 was sold for $22.500. 5. Bonds for $500,000 were issued to construct a new pro shop. At the end of the year, the shop was partially complete, and construction work in progress totaled $302.000. 6. A $12.000 principal payment was made on a lease obligation. 7. A new golf ball retrieving machine was purchased for $125,000. At the end of the year, a $40,000 note associated with the machine remains outstanding 8. The check-in stand was completed for $52.000 of construction costs incurred this year. Required Prepare the net position section of Mashpee's statement of net position

Name: 1. The beginning net position balances are net investment in capital
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Description: 1. The beginning net position balances are net investment in capital assets, $1,709,800, restricted for renovation of the check-instand, $50,000, and unrestricted, $354,692.2. Net Income for the year was $207,190.3. Depreciation expense totaled $69,

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 1.3AIC: Estimate the average total estimated useful life of depreciable property, plant, and equipment....

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