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Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financ statements at year end: Cash Building Equipment Land Accumulated Accumulated Dividends payable Mortgage payable Notes payable Common shares: 46,000 shares in 2024; 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 1. 2. 3. depreciation-building depreciation-equipment 4. 5. 6. (a) 2024 $ 18,140 697,000 $ 322,260 82,000 252,150 101,680 5,125 446,900 278,800 661,740 164,000 20,500 20,500 40,285 820 8,200 39,565 2023 $8,200 615,000 278,800 49,200 246,000 77,080 CRANE INC. Cash Flow Statement (Partial) 2,050 479,700 254,200 561,700 82,000 8,200 34,850 22,140 0 0 Purchased $61,500 of equipment for $8,200 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $41,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. 36,695 Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financ statements at year end: Cash Building Equipment Land Accumulated Accumulated Dividends payable Mortgage payable Notes payable Common shares: 46,000 shares in 2024; 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 1. 2. 3. depreciation-building depreciation-equipment 4. 5. 6. (a) 2024 $ 18,140 697,000 $ 322,260 82,000 252,150 101,680 5,125 446,900 278,800 661,740 164,000 20,500 20,500 40,285 820 8,200 39,565 2023 $8,200 615,000 278,800 49,200 246,000 77,080 CRANE INC. Cash Flow Statement (Partial) 2,050 479,700 254,200 561,700 82,000 8,200 34,850 22,140 0 0 Purchased $61,500 of equipment for $8,200 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $41,000. Used cash to purchase land and a building. Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. 36,695 Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 13P: Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and...
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Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financial statements at year end: Cash Building Equipment. Land Accumulated depreciation-building Accumulated depreciation-equipment Dividends payable. Mortgage payable Notes payable Common shares: 46,000 shares in 2024; 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 1. 2. 3. 4. 5. 6. (a) 2024 $ 18,140 697,000 322,260 82,000 $ 252,150 101,680 5,125 820 8,200 2023 $8,200 615,000 278,800 49,200 39,565 246,000 446,900 479,700 278,800 254,200 661,740 164,000 20,500 20,500 40,285 77,080 2.050 561,700 CRANE INC. Cash Flow Statement (Partial) 82,000 8,200 34,850 22,140 0 0 Purchased $61,500 of equipment for $8,200 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $41,000. Used cash to purchase land and a building. 36,695 Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) $
Transcribed Image Text:Crane Inc. is a private company reporting under ASPE. The following selected account balances were reported in Crane Inc's financial statements at year end: Cash Building Equipment. Land Accumulated depreciation-building Accumulated depreciation-equipment Dividends payable. Mortgage payable Notes payable Common shares: 46,000 shares in 2024; 40,000 in 2023 Retained earnings Cash dividends declared Depreciation expense-buildings Depreciation expense-equipment Gain on sale of equipment Loss on sale of building Interest expense Additional information: 1. 2. 3. 4. 5. 6. (a) 2024 $ 18,140 697,000 322,260 82,000 $ 252,150 101,680 5,125 820 8,200 2023 $8,200 615,000 278,800 49,200 39,565 246,000 446,900 479,700 278,800 254,200 661,740 164,000 20,500 20,500 40,285 77,080 2.050 561,700 CRANE INC. Cash Flow Statement (Partial) 82,000 8,200 34,850 22,140 0 0 Purchased $61,500 of equipment for $8,200 cash and a note payable for the remainder. Equipment was also sold during the year. Sold a building that originally cost $41,000. Used cash to purchase land and a building. 36,695 Mortgage payments and notes payable payments included interest and principal amounts. Common shares were issued for cash. Determine the amount of any cash inflows or outflows related to investing activities in 2024. (Hint: Use T accounts to calculate the cash flows.) (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) $
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