During the year, Wind and Solar Power Ltd. Issued $1 million of common shares in exchange for

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During the year, Wind and Solar Power Ltd. Issued $1 million of common shares in exchange for windmill equipment. Geoff, the chief financial officer, argues that the acquisition of equipment is an investing activity and the issue of common shares is a financing activity and therefore should be reported in the cash flow statement. Is Geoff correct? Explain why or why not.
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Accounting Principles Part 3

ISBN: 978-1118306802

6th Canadian edition Volume 1

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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