Selected information follows for Cathrea Select Corporation at December 31: Additional information: 1. Principal payments on the
Question:
Selected information follows for Cathrea Select Corporation at December 31:
Additional information:
1. Principal payments on the mortgage payable were $25,000.
2. A building was purchased for $500,000 by paying $200,000 cash and signing a mortgage note payable for the balance.
3. Profit for the year was $145,000.
Assuming the company reports under ASPE and all dividends have been paid, prepare the financing activities section of the cash flow statement.
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Financing Activities Issuance of common shares 0 Repayment of mortgage notes ...View the full answer
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Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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