Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 2017:
Amortization of bond discount..............................................$ 1,000
Dividends declared............................................................22,500
Dividends paid.........................................................................19,000
Gain on sale of equipment.............................................................3,000
Proceeds from the sale of equipment................................................5,000
Proceeds from the sale of treasury stock (carrying amount $32,500)..37,500
Purchase of BAS Inc. bonds (par value $100,000).......................90,000
Required:
Determine the following amounts that should be reported in Superfine's 2017 statement of cash flows.
1. What amount should Superfine report as net cash used in investing activities?
2. What amount should Superfine report as net cash provided by financing activities?