Partial balance sheets for ABC Company and additional information are provided below. ABC Company Partial Balance Sheets
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- Partial balance sheets for ABC Company and additional information are provided below.
| ABC Company | |||
| Partial Balance Sheets | |||
| as of December 31 | |||
| 2024 | 2023 | ||
| Assets: | |||
| Equipment | $100,000 | $75,000 | |
| Accumulated depreciation | (25,000) | (20,000) | |
| Shareholders' equity: | |||
| Common stock, $ 10 par | $180,000 | $100,000 | |
| Paid-in capital—excess of par | 20,000 | 0 | |
| Retained earnings | 40,000 | 30,000 |
Additional information for 2024:
| July 1: | Issued 8,000 shares of common stock for cash. |
| July 1: | Purchased new equipment for cash. |
| December 31: | Paid cash dividends of $20,000. |
Required: Prepare the financing activities section of the statement of cash flows for 2024.
Expert Answer:
ABC Company Financing Activities Section of Statement of Cash Flows For the Year Ended December 31 2024 Description Cash Flow Issuance of common stock ... View the full answer
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