2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020.(Negative answers should be indicated by a minus sign. Enter your answers in millions.)LAPORTE INC.Statement of Cash Flows (Partial)For the Year Ended December 31, 2020Cash flows from investing activities:Purchase of equipmentSale of equipmentSale of long-term investmentNet cash flow from investing activities$(37) The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2019 and 2020and on its statement of earnings for the year ended December 31, 2020. Amounts are in millions of dollars:Statements of Financial PositionCashAccounts receivableMerchandise inventoryLong-term investmentsProperty, plant, and equipmentAccumulated depreciationTotal assetsAccounts payableIncome taxes payableLong-term borrowingsContributed capitalRetained earningsTotal liabilities and shareholders' equityStatement of EarningsSalesCost of salesGross profitDepreciation expenseOther operating expensesEarnings from operationsGain on sale of investmentsLoss on sale of equipmentEarnings before income taxIncome tax expenseNet earnings2020$ 1256849$$215(57)40048511118056$ 400$$ 200(120)80(10)(51)196(2)236172019$ 80485642178(72)$ 3326266116043$ 332Additional information is as follows:a. Old equipment was sold for cash during 2020. It had an original cost of $48 and an accumulated depreciation of $25.b. A new building was acquired during the year in exchange for a long-term note for $50, payable in five years. In addition, newequipment was purchased for cash.

Name: 2. Prepare the investing activities section of the statement of cash
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Description: 2. Prepare the investing activities section of the statement of cash flows for Laporte Inc. for the year ended December 31, 2020.(Negative answers should be indicated by a minus sign. Enter your answers in millions.)LAPORTE INC.Statement of Cash Flo

Cash flow statement shows the cash inflow and cash outflow due to the operating, investing, and…

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2. Prepare the investing activities section of the statement of cash flows f (Negative answers should be indicated by a minus sign. Enter your ans

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 7MC

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