Preferred Homes Ltd., a private company reporting under ASPE, reported the following for the year ended September

Question:

Preferred Homes Ltd., a private company reporting under ASPE, reported the following for the year ended September 30, 2017:

Preferred Homes Ltd., a private company reporting under ASPE, reported

Additional information:
1. Equipment was purchased for $20,000.
2. Land was purchased for $35,000 cash and a mortgage note payable was issued.
3. Common shares were issued for $85,000 cash.
Instructions
Prepare the investing and financing activities sections of the cash flow statement and any required note disclosure.

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Accounting Principles

ISBN: 978-1119048473

7th Canadian Edition Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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