70.2K

Verified Solution

Link Copied!

The following information was drawn from the year-end balance sheets of Fanning Trading Company Account Title Investment securities Equipment Buildings Tand 2017 $ 35,400 222,500 864,500 94,000 2016 $ 27,100 210,000 944,000 55,500 Additional information regarding transactions occurring during 2017: 1. Investment securities that had cost $4,790 were sold. The 2017 income statement contained a loss on the sale of investment securities of $410. 2. Equipment with a cost of $45,000 was purchased 3. The income statement showed a gain on the sale of equipment of $6,800. On the date of sale, accumulated depreciation on the equipment sold amounted to $8,000. 4. A building that had originally cost $166,500 was demolished. 5. Land that had cost $25,100 was sold for $21,800. Required a. Determine the amount of cash flow for the purchase of investment securities during 2017 b. Determine the amount of cash flow from the sale of investment securities during 2017 c. Determine the cost of the equipment that was sold during 2017 d. Determine the amount of cash flow from the sale of equipment during 2017 e. Determine the amount of cash flow for the purchase of buildings during 2017 f. Determine the amount of cash flow for the purchase of land during 2017 g. Prepare the investing activities section of the 2017 statement of cash flows. y. Plepale ve vesung activities section of the 2017 statement of cash flows. Complete this question by entering your answers in the tabs below. Reqs A to F Reg G Determine the amount of cash flow for the purchase of investment, sale of investment, cost of the equipment that was sold, sale of equipment, purchase of buildings and purchase of land during 2017 a. Cash flow for the purchase of investment securities b. Cash flow from the sale of investment securities c. Cost of the equipment sold d. Cash flow from the sale of equipment e. Cash flow for the purchase of buildings t Cash flow for the purchase of land Req > Complete this question by entering your answers in the tabs below. Reqs A to F Req G Prepare the investing activities section of the 2017 statement of cash flows. (Cash outflows should be indicated with minus sign.) FANNING TRADING COMPANY Statement of Cash Flows (Investing Activities) For the Year Ended December 31, 2017 Cash Flows from Investing Activities: Net cash flow from investing activities

Answer & Explanation Solved by verified expert

See Answer