Flin Flon Corporation which follows IFRS had the following activities
Flin Flon Corporation, which follows IFRS, had the following activities in 2011.
1. Sold land for $140,000.
2. Purchased temporary investment in common shares for $15,000 with the intention of trading.
3. Purchased inventory for $845,000.
4. Received $73,000 cash from bank borrowings.
5. Retired $76,000 of bonds payable.
6. Purchased equipment for $495,000.
7. Issued common shares for $350,000.
8. Recorded a holding gain of $3,000 on investments accounted for using the fair value through net income (FV-NI) model.
9. Purchased investments in bonds, reported at amortized cost for $61,000.
10. Declared and paid a dividend of $18,000 (charged to retained earnings).
11. Investments in bonds reported at amortized cost, with a carrying amount of $410,000, were sold for $415,000.
12. Dividends were received for $4,000.
Calculate the amount that Flin Flon should report as net cash provided (used) by investing activities in its statement of cash flows. Flin Flon has adopted the policy of classifying dividends paid as financing activities and dividends received as investing activities on the cash flow statement.
Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help