Gildan Activewear Inc. specializes in manufacturing and selling T-shirts, sport shirts, and fleece. The following is adapted

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Gildan Activewear Inc. specializes in manufacturing and selling T-shirts, sport shirts, and fleece. The following is adapted from a recent statement of financial position (assume that the fiscal year ends on December 31, 2008). Dollars are in thousands.

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Assume that the following transactions occurred in the first quarter ended March 31, 2009:

a. Received \(\$ 630\) on sale of intangibles.

b. Paid \(\$ 12,340\) in principal on long-term debt.

c. Purchased \(\$ 3,400\) in non-current investments for cash.

d. Sold equipment at its cost for \(\$ 4,020\) cash.

e. Purchased additional intangibles for \(\$ 2,980\) cash.

f. Issued additional shares for \(\$ 1,020\) in cash.
g. Purchased property, plant, and equipment; paid \(\$ 1,830\) in cash and \(\$ 9,400\) with additional long-term bank loans.
h. Sold other assets at cost for \(\$ 310\) cash.
i. Declared and paid \(\$ 300\) in dividends to shareholders.

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Financial Accounting

ISBN: 9780070001497

4th Canadian Edition

Authors: Patricia A. Libby, Daniel Short, George Kanaan, Maureen Libby Gowing, Robert Libby

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