The year 11 balance sheet of Carpeteers, Inc. report the following fixed asset balances:
Year 11 Year 10
Fixed Assets 195,000 128,000
Accumulated Depreciation (53,000) (41,000)
Fixed Assets, net $142,000 $87,000
- On January 1, year 11, Carpeteers, Inc purchased a machine for $50,000 (all cash)
- On June 2, Year 11, Carpeteers sold fixed assets with original cost of $18,000 and a net book value of $6,000 for $10,000
- Carpeteers, Inc made one other long-term asset purchase or sale during year 11: The company issued a note payable in exchange for land on November 15, year 11
1. What was the cost of the land purchased in November?
2. How much depreciation expense did Carpeteers record in year 11?
3. What the net source or use of cash from investing activities for year 11? Show each items that inclued