FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question 39

Peavy Corp.'s transactions for the year ended December 31, 2021 included the following:

Acquired 50% of Gant Corp.'s common stock for $300,000 cash which was borrowed from a 
bank.
Issued 5,000 shares of its preferred stock for land having a fair value of $480,000.
Issued 600 of its 11% debenture bonds, due 2026, for $588,000 cash.
Purchased a patent for $330,000 cash.
Paid $180,000 toward a bank loan.
Sold available-for-sale securities for $1,194,000.
Had a net increase in returnable customer deposits (long-term) of $132,000.
Peavy's net cash provided by investing activities for 2021 was
   
$414,000.
   
$864,000.
   
$564,000.
   
$894,000.
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