Please do not give solution in image format thanku For the year ended 30 June 2023, the following information is available for Ronny Ltd:LandBuildingsAccumulated depreciation-buildingsMachineryAccumulated depreciation-machinery2023240,0001,200,000(200,000)45,000(13,100)2022100,000500,000(150,000)38,000(7,200)Additional information from accounting records:Land was revalued at the end of the year. This resulted in an increase in land of $40,000.Buildings were purchased during the year. This was paid for by issuing $200,000 worth of shares and the balance paid in cash.Machinery with a cost of $8,000 and a carrying amount of $6,400 was sold for cash during the year. A gain on sale of $4,000 wasrecorded. New machinery was purchased for cash.The tax rate is 30%QUESTION: Calculate net cash used in investing activities and the Present the cash flows in the correct format.

CFS stands for Cash flow statement which states the inflow or coming as well as outflow or outgoing…

Answered: Land Buildings Accumulated…

Land Buildings Accumulated depreciation-buildings Machinery Accumulated depreciation-machinery 2023 240,000 1,200,000 (200,000) 45,000 (13,100) 2022 100,000 500,000 (150,000) 38,000 (7,200)

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

Chapter11: Depreciation, Depletion, Impairment, And Disposal

Section: Chapter Questions

Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...

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At December 31, 2023, Cord Company's plant asset and accumulated depreciation and amortization accounts had balances as follows: Category Plant Asset Accumulated Depreciation and Amortization Land $ 185,000 $ — Land improvements — — Buildings 2,000,000 438,502 Equipment 1,625,000 327,500 Automobiles and trucks 182,000 110,325 Leasehold improvements 236,000 118,000 Depreciation methods and useful lives: Buildings—150% declining balance; 25 years. Equipment—Straight line; 10 years. Automobiles and trucks—200% declining balance; 5 years, all acquired after 2020. Leasehold improvements—Straight line. Land improvements—Straight line. Depreciation is computed to the nearest month and residual values are immaterial. Transactions during 2024 and other information: On January 6, 2024, a plant facility consisting of land and building was acquired from King Corporation in exchange for 35,000 shares of Cord's common stock. On this date, Cord's stock had a fair value of $60 a…
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