FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Identify any​ non-cash transactions that occurred during the​ year, and show how they would be reported in the​ non-cash investing and financing activities section of the statement of cash flows. ​ 
a.  Issued 750shares of $3 par common stock for cash of $17,000.
b.  Issued 5,100 shares of $3 par common stock for a building with a fair market value of $96,000.
c.  Purchased new truck with a fair market value of $29,000. Financed it​ 100% with a​ long-term note.
d. Retired​ short-term notes of $28,000 by issuing 1,900 shares of $3 par common stock.
e.  Paid​ long-term note of $10,500 to Bank of Tallahassee. Issued new​ long-term note of $23,000 to Bank of Trust.
 
Dirtbikes, Inc.
Statement of Cash Flows (Partial)
Year Ended December 31, 2024
 
Non-cash Investing and Financing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Non-cash Investing and Financing Activities
 
Expert Solution
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Step 1

Non-cash Investing and Financing Activities:

1. Purchase of building by issuing 5,100 shares of common stock     $96,000
2. Purchase new truck with a​ long-term note                                      $29,000
3. Retired​ short-term notes by issuing 1,900 shares common stock   $28,000 .
4. Repaid​ long-term note of $10,500 to Bank of Tallahassee
by issuing a new​ long-term note to Bank of Trust                               $23,000
 
 
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