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Faceoff, Inc. identified the following selected transactions that occured during the year ended December 31, 2018:
Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows.
a. Issued 1200 shares of $5 par common stock for cash of $26,000. b. Issued 4,700 shares of $5 par common stock for a building with a fair market value of $91,000 C. Purchased new truck with a fair market value of $30,000. Financed it 100% with a long-term note d. Retired short-term notes of $21,000 by issuing 2,400 shares of S5 par common stock e. Paid long-term note of $7,500 to Bank of Tallahassee. Issued new long-term note of $20,000 to Bank of Trust.
Expert Answer
Solution
Statement of Cash Flow-Partial:
| Non cash investing and financing activities: | |
| Acquisition of Building by issuing common stock | $91,000 |
| Acquisition of Truck by issuing Long term note | $30,000 |
| Payment of short term note by issuing common stock | $21,000 |
| Total Non-cash investing and financing activities | $142,000 |
