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What amount should crane report as proceeds from issuance

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Reference no: EM132796246

The following information was taken from the 2021 financial statements of Crane Company

Bonds payable  January 1, 2021 $ 792000

Bonds payable  December 31. 2021 4800000

During 2021

  • A $714000 payment was made to retire bonds payable with a face amount of $806000.
  • Bonds payable with a face amount of $315000 were issued in exchange for equipment.

Problem 1: In its statement of cash flows for the year ended December 31, 2021, what amount should Crane report as proceeds from issuance of bonds payable?

Option 1: $4008000

Option 2: $4499000

Option 3: $4401000

Option 4: $5115000

Reference no: EM132796246

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