Question: Identify the effect it has...what did I do wrong and what's correct? For each of the following separate transactions: 1. Sold a building costing $30,000,

Identify the effect it has...what did I do wrong and what's correct?

For each of the following separate transactions: 1. Sold a building costing $30,000, with $20,000 of accumulated depreciation, for $8,000 cash, resulting in a $2,000 loss. 2. Acquired machinery worth $10,000 by issuing $10,000 in notes payable. 3. Issued 1,000 shares of common stock at par for $2 per share. 4. Note payables with a carrying value of $40,000 were retired for $47,000 cash, resulting in a $7,000 loss. (a) Prepare the reconstructed journal entry. (b) Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Identify the effect it has, if any, on the investing section or financing section of the statement of cash flows. (Amounts to be deducted should be indicated by a minus sign.) Statement of Cash Flows (partial) Cash flows from investing activities Cash received from sale of Building $ 8,000 $ 8,000 Net cash provided by investing activities Cash flows from financing activities Cash received from issuing stock Cash paid for note payable $ 2,000 47,000 Net cash provided by financing activities $ 49,000

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