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In: AccountingThe following information was drawn from the year-end balancesheets of Solomon Trading Company:Account Title...The following information was drawn from the year-end balancesheets of Solomon Trading Company:Account TitleYear 2Year 1Investment securities$35,700$27,500Equipment233,500212,500Buildings846,500949,500Land83,00065,000Additional information regarding transactions occurring duringYear 2:Investment securities that had cost $5,090 were sold. The Year 2income statement contained a loss on the sale of investmentsecurities of $720.Equipment with a cost of $40,000 was purchased.The income statement showed a gain on the sale of equipment of$5,700. On the date of sale, accumulated depreciation on theequipment sold amounted to $7,600.A building that had originally cost $163,500 was demolished.Land that had cost $26,100 was sold for $21,800.RequiredDetermine the amount of cash flow for the purchase of investmentsecurities during Year 2.Determine the amount of cash flow from the sale of investmentsecurities during Year 2.Determine the cost of the equipment that was sold during Year2.Determine the amount of cash flow from the sale of equipmentduring Year 2.Determine the amount of cash flow for the purchase of buildingsduring Year 2.Determine the amount of cash flow for the purchase of landduring Year 2.Prepare the investing activities section of the Year 2 statementof cash flows.
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