Question

Ivanhoe Inc. is a private company reporting under ASPE. The following selected account balances were reported in Ivanhoe Inc.’s financial statements at year end:

		2021		2020
Cash		$ 18,225		$ 8,150
Buildings		829,500		728,000
Equipment		390,000		339,400
Land		88,000		47,250
Accumulated depreciation—buildings		301,500		284,750
Accumulated depreciation—equipment		118,000		88,250
Dividends payable		5,900		2,350
Mortgage payable		542,200		582,200
Notes payable		336,500		305,500
Common shares: 5,330 shares in 2021; 3,930 in 2020		535,500		406,500
Retained earnings		194,000		95,000
Cash dividends declared		21,500		7,200
Depreciation expense—buildings		22,750		39,650
Depreciation expense—equipment		47,155		25,300
Gain on sale of equipment		830		0
Loss on sale of building		8,100		0
Interest expense		47,550		43,450

Additional information:
1.		Purchased $71,500 of equipment for $8,600 cash and a note payable for the remainder.
2.		Equipment was also sold during the year.
3.		Sold a building that originally cost $46,500.
4.		Used cash to purchase land and a building.
5.		Mortgage payments and notes payable payments included interest and principal amounts.
6.		Common shares were issued for cash.

1 Determine the amount of any cash inflows or outflows related to investing activities in 2021. (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).) ?

2 What was the amount of profit reported by Ivanhoe Inc. in 2021? ?

3 Determine the amount of any cash inflows or outflows related to financing activities in 2021. (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).)

4 Identify and determine the amount of any noncash financing activities in 2021.?

Answer 1