The Good Corporation provided the following for the current year:
$$\begin{array} { l r r }
& \text { Begirning } & \text { Ending } \
\text { Land } & \$ 48,000 & \$ 100,000 \
\text { Equipment } & 36,800 & 44,000 \
\text { Marketable securities } & 200,000 & 160,000
\end{array}$$ Good's income statement reported an $8,000 gain on sale of land as well as a $10,000 loss on the sale of marketable securities.A parcel of land costing $16,000 was sold for a gain of $8,000.No additional securities were purchased during the year.The company also sold equipment originally costing $6,000 with accumulated depreciation of $4,000 for a gain of $1,600.Purchases of additional land and equipment were cash transactions.
Required:
Prepare the investing activities section of the statement of cash flows.Use the reconciliation approach.

Question

The Good Corporation provided the following for the current year:
 $$\begin{array} { l r r } 
& \text { Begirning } & \text { Ending } \
\text { Land } & \$ 48,000 & \$ 100,000 \
\text { Equipment } & 36,800 & 44,000 \
\text { Marketable securities } & 200,000 & 160,000
\end{array}$$ Good's income statement reported an $8,000 gain on sale of land as well as a $10,000 loss on the sale of marketable securities.A parcel of land costing $16,000 was sold for a gain of $8,000.No additional securities were purchased during the year.The company also sold equipment originally costing $6,000 with accumulated depreciation of $4,000 for a gain of $1,600.Purchases of additional land and equipment were cash transactions.
Required:
Prepare the investing activities section of the statement of cash flows.Use the reconciliation approach.

Quizplus · Accepted Answer

The Answer of The Good Corporation provided the following for the current year:
 $$\begin{array} { l r r } 
& \text { Begirning } & \text { Ending } \
\text { Land } & \$ 48,000 & \$ 100,000 \
\text { Equipment } & 36,800 & 44,000 \
\text { Marketable securities } & 200,000 & 160,000
\end{array}$$ Good's income statement reported an $8,000 gain on sale of land as well as a $10,000 loss on the sale of marketable securities.A parcel of land costing $16,000 was sold for a gain of $8,000.No additional securities were purchased during the year.The company also sold equipment originally costing $6,000 with accumulated depreciation of $4,000 for a gain of $1,600.Purchases of additional land and equipment were cash transactions.
Required:
Prepare the investing activities section of the statement of cash flows.Use the reconciliation approach.

The Good Corporation Provided the Following for the Current Year