Doyle Company issued $390,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Income Req B Balance Statement Sheet Req B Statement of Cash Flows Prepare the statement of cash flows for Year 2 and Year 3. Note: Amounts to be deducted and cash outflows should be indicated with minus sign. DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Year 2 Year 3

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Doyle Company issued $390,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value.
Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in
land. The land was leased for an annual $52,500 of cash revenue, which was collected on December 31 of each year,
beginning December 31, Year 2.
b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3.
Complete this question by entering your answers in the tabs below.
Req B Income Req B Balance
Statement
Sheet
Req B
Statement of
Cash Flows
Prepare the statement of cash flows for Year 2 and Year 3.
Note: Amounts to be deducted and cash outflows should be indicated with minus sign.
DOYLE COMPANY
Statement of Cash Flows
For the Year Ended December 31
Cash flows from operating activities
ces
Net cash flow from operating activities
Cash flows from investing activities
Net cash flows from investing activities
Cash flows from financing activities
Year 2
Year 3
Transcribed Image Text:Doyle Company issued $390,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2. b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Income Req B Balance Statement Sheet Req B Statement of Cash Flows Prepare the statement of cash flows for Year 2 and Year 3. Note: Amounts to be deducted and cash outflows should be indicated with minus sign. DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Cash flows from operating activities ces Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities Year 2 Year 3
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