Please show workings. Thank you Notes payable-long-termMortgage payableCommon sharesRetained earnings (deficit)Total Liabilities & Shareholders' Equity92500● $(31000).$(58500).$92500.$0.63000020000$983000119500479000(43000)$773500During 2023, land was acquired in exchange for common shares (which had a market value of $152000 at the time). All equipmentpurchased was for cash. Equipment costing $14500 was sold for $8000 cash; book value of the equipment at the time of sale was$15000, and the loss was included in net income. Cash dividends of $31000 were declared and paid during the year. Pharoah adheresto ASPE and uses the indirect method when preparing the statement of cash flows. The cash provided by (used in) financing activitieswas The statements of financial position for Pharoah Lear Corp. at the end of 2023 and 2022 are as follows:CashAccounts receivable (net)Merchandise inventoryPrepaid expensesLandBuildings and equipmentAccumulated depreciation-buildings and equipmentTotal AssetsAccounts payableSalaries payable2023$7450018100021200032500269000269000(55000)$983000$205000355002022$10800013700013700074000120000224500(27000)$773500$16450053500

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

Answered: The statements of financial position…

Business

Accounting

The statements of financial position for Pharoah Lear Corp.

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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