Preferred Homes Ltd., a private company reporting under ASPE, reported the following for the year ended September 30, 2024: 

Additional information: 

1. Equipment was purchased for $20,000. 

2. Land was purchased for $35,000 cash and a mortgage note payable was issued for the balance. 

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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Land Building Equipment Accumulated depreciation Dividends payable Mortgage note payable Common shares Retained earnings Depreciation expense Gain on equipment sold Profit for the year 2024 $300,000 350,000 139,000 65,000 10,000 110,000 235,000 220,000 15,000 2,000 210,000 2023 $200,000 350,000 125,000 55,000 20,000 50,000 150,000 80,000