The following is an Equipment account and its associated Accumulated Depreciation account:Additional data:1. Machine A was sold at a gain of $9002. Machine B was sold for its scrap value of $2003. Machine C was acquired during the yearRequiredAnalyze the two accounts and show, in journal entry form, the entries that would be made in preparation of the statement of cash flows to reflect all of the changes listed in theaccounts. View Solution: The following is an Equipment account and its associated Accumul

Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO.         Balance Date Item Debit Credit Debit Credit Jan. 1     Balance     868,000     Mar. 12     Purchased for cash 104,300     972,300     Oct. 4     Sold for $95,550   63,840   908,460

Equipment that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash. Accumulated depreciation of $30,000 existed at the time of the sale. What would be journal entry that should be made in the special revenue fund (in debit and credit form)?

Information has been collected regarding Orange Company’s cash-generating unit that includes goodwill. At 31 December 20X5, the assets of the Orange Company’s cash-generating unit are shown as follows (in millions) on the company’s SFP:    Cost   Accumulated Depreciation   Net Book Value   Goodwill $ 1,360     $ 0       $ 1,360     Equipment   4,850       3,150         1,700     Building   7,320       2,330         4,990     Patent rights   1,290       320         970       $ 14,820     $ 5,800       $ 9,020           An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $6,200 million. The assets are not separable—they must be operated or sold together as a group.Required:1. Prepare an adjusting journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate percentage answers to the nearest whole number (i.e.…

During 2023, Bird Company sold a building with a book value of $162.093 for proceeds of $179.332. The company also sold long-term investments for proceeds of $33.521. The company purchased land and a new building for $365,175 by signing a long-term note payable. No other transactions impacted long-term asset accounts during 2023. Instructions Compute net cash flows from investing activities.

Wildhorse Company reported a loss of $1586 for the sale of equipment for cash. The equipment had a cost of $39040 and accumulated depreciation of $35990. How much will Wildhorse report in the cash flows from investing activities section of its statement of cash flows?