Reference no: EM131921160

Question - Harp's Business Machines Inc. reported the following items from its comparative balance sheet for the calendar year 2008:

2008 2007

Inventory $125,000 $100,000

Land 100,000 200,000

Building 570,000 500,000

Equipment 45,000 30,000

Accumulated depreciation (105,000) (50,000)

Notes payable 100,000 150,000

Common stock 300,000 200,000

Additional information for 2008:

1. A piece of land was sold for $65,000, resulting in a $5,000 gain.

2. A smaller section of land was sold for $26,000, resulting in a $14,000 loss.

3. A building was started and completed costing $70,000. All costs were paid in cash.

4. Depreciation expense totaled $55,000 for the year.

Required: Determine the cash flows from investing activities for Harp's Business Machines Inc. for 2008.