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Required information [The following information applies to the questions displayed below] Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2

Required information [The following information applies to the questions displayed below] Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 6PA: Saverin, Inc. produces and sells outdoor equipment. On July 1, 2016, Saverin, Inc. issued 62,500,000...
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Required information [The following information applies to the questions displayed below] Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2 b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt Cash Flows Prepare the income statement for Year 2 and Year 3. DOYLE COMPANY Income Statements For the Year Ended December 31 Year 2 Required information Req B Inc. Stmt Req B Bal Sheet Assets Total assets Liabilities Req B Stmt Cash Flows Prepare the balance sheet for Year 2 and Year 3. Req B Bal Sheet Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Required information Req B Inc. Stmt Req B Bal Sheet DOYLE COMPANY Balance Sheet As of December 31 Req B Stmt Cash Flows Cash flows from operating activities Ending cash balance Year 3 Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Year 2 Net cash flows from financing activities Net change in cash Year 2 Prepare the statement of cash flows for Year 2 and Year 3. (Amounts to be deducted and cash outflows should be indicated with minus sign.) < Req B Inc Stmt Req B Bal Sheet > Year 3 Req B Stmt Cash Flows > Year 3
Transcribed Image Text:Required information [The following information applies to the questions displayed below] Doyle Company issued $340,000 of 10-year, 8 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $52,000 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2 b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Req B Inc Stmt Req B Stmt Cash Flows Prepare the income statement for Year 2 and Year 3. DOYLE COMPANY Income Statements For the Year Ended December 31 Year 2 Required information Req B Inc. Stmt Req B Bal Sheet Assets Total assets Liabilities Req B Stmt Cash Flows Prepare the balance sheet for Year 2 and Year 3. Req B Bal Sheet Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Required information Req B Inc. Stmt Req B Bal Sheet DOYLE COMPANY Balance Sheet As of December 31 Req B Stmt Cash Flows Cash flows from operating activities Ending cash balance Year 3 Net cash flow from operating activities Cash flows from investing activities Net cash flows from investing activities Cash flows from financing activities DOYLE COMPANY Statement of Cash Flows For the Year Ended December 31 Year 2 Net cash flows from financing activities Net change in cash Year 2 Prepare the statement of cash flows for Year 2 and Year 3. (Amounts to be deducted and cash outflows should be indicated with minus sign.) < Req B Inc Stmt Req B Bal Sheet > Year 3 Req B Stmt Cash Flows > Year 3
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