The analysis of SQUARE Company's non-current assets at December 31, 2021 are shown below: Property, plant and equipment, net Patents, net ТОTAL December 31, 2021 4,500,000 900,000 5,400,000 January 1, 2021 3,000,000 720,000 3,720,000 P P P The breakdown of the accounts were as follows: (1) Property, plant and equipment January 1, 2021 4,000,000 1,000,000 3,000,000 December 31, 2021 Cost Accumulated depreciation Net carrying value 7,000,000 2,500,000 4,500,000 P P There were two transactions affecting the PPE account for the year: (1) A sale of a PPE item costing P3,000,000 (with a carrying value of P1,700,000) yielding a loss of P200,000, and (2) acquisition of a new PPE item for an undisclosed amount. (2) Patents December 31, 2021 1,200,000 300,000 900,000 January 1, 2021 900,000 180,000 720,000 Cost Accumulated amortization Net carrying value P There were no sale of patents during the year. Compute for SQUARE's net cash from/(used in) investing activities for the year ended December 31, 2021.
The analysis of SQUARE Company's non-current assets at December 31, 2021 are shown below: Property, plant and equipment, net Patents, net ТОTAL December 31, 2021 4,500,000 900,000 5,400,000 January 1, 2021 3,000,000 720,000 3,720,000 P P P The breakdown of the accounts were as follows: (1) Property, plant and equipment January 1, 2021 4,000,000 1,000,000 3,000,000 December 31, 2021 Cost Accumulated depreciation Net carrying value 7,000,000 2,500,000 4,500,000 P P There were two transactions affecting the PPE account for the year: (1) A sale of a PPE item costing P3,000,000 (with a carrying value of P1,700,000) yielding a loss of P200,000, and (2) acquisition of a new PPE item for an undisclosed amount. (2) Patents December 31, 2021 1,200,000 300,000 900,000 January 1, 2021 900,000 180,000 720,000 Cost Accumulated amortization Net carrying value P There were no sale of patents during the year. Compute for SQUARE's net cash from/(used in) investing activities for the year ended December 31, 2021.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning