a. Equipment with a book value of $79,000 and an original cost of $165,000 was sold at a loss of $33,000. b. Paid $118,000 cash for a new truck c. Sold land costing $315,000 for $405,000 cash, yielding again of $90,000. d. Stock investments were sold for $92,800 cash, yielding a gain of $15,500 Use the above information to determine cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) Statement of CashFiews (partal) Cash flows from investing activities Cash received from the sale of equipment Cash paid for new truck Cash received from the sale of land Cash received from the sale of stock investments $

a. Equipment with a book value of $79,000 and an original cost of $165,000 was sold at a loss of $33,000. b. Paid $118,000 cash for a new truck c. Sold land costing $315,000 for $405,000 cash, yielding again of $90,000. d. Stock investments were sold for $92,800 cash, yielding a gain of $15,500 Use the above information to determine cash flows from investing activities. (Amounts to be deducted should be indicated with a minus sign.) Statement of CashFiews (partal) Cash flows from investing activities Cash received from the sale of equipment Cash paid for new truck Cash received from the sale of land Cash received from the sale of stock investments $

Name: 7a. Equipment with a book value of $79,000 and an original cost of $1
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Description: 7a. Equipment with a book value of $79,000 and an original cost of $165,000 was sold at a loss of $33,000.b. Paid $118,000 cash for a new truckc. Sold land costing $315,000, for $405,000 cash, yielding again of $90,000.d. Stock investments were sold

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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12. Last Chance Mine (LCM) purchased a coal deposit for $750,000. It estimated it would extract 12,000 tons of coal from the deposit. LCM mined the coal and sold it, reporting gross receipts of $1 million, $3 million, and $2 million for years 1 through 3, respectively. During years 1–3, LCM reported net income (loss) from the coal deposit activity in the amount of ($20,000), $500,000, and $450,000, respectively. In years 1–3, LCM extracted 13,000 tons of coal as follows: (Leave no answer blank. Enter zero if applicable. Enter your answers in dollars and not in millions of dollars.) (1) Tons of Coal (2) Basis Depletion (2)/(1) Rate Tons Extracted per Year Year 1 Year 2 Year 3 12,000 $ 750,000 $ 62.50 2,000 7,200 3,800 c. Using the cost and percentage depletion computations from parts (a) and (b), what is LCM’s actual depletion expense for each year?