1. A building with a book value of $41,882 is sold for $53,244 cash Using the in

Question

1. A building with a book value of $41,882 is sold for $53,244 cash Using the indirect method, choose how this transaction should be shown on the statement of cash flows.

Select the correct answer.

3. On January 1, 2014, the Kings Corporation issued 10% bonds with a face value of $112,000. The bonds are sold for $109,760. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, 2023. Kings records straight-line amortization of the bond discount. Determine the bond interest expense for the year ended December 31, 2014.

Select the correct answer.

5. If a gain of $8,857 is realized in selling (for cash) office equipment having a book value of $53,020, find the total amount reported in the cash flows from investing activities section of the statement of cash flows.

A. $53,020
B. $8,857
C. $61,877
D. $44,163

A. an increase of $53,244 from investing activities and a deduction from net income of $11,362 B, an increase of $41,882 from investing activities and an addition to net income of $11,362 c. an increase of $41,882 from investing activities an increase of $53,244 from investing activities D.

Explanation / Answer

1. A

2..C

3..A

4.A

5.C

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