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Bubba's Catfish, Inc., is a seafood restaurant in New Orleans. Bubba's began business in January 20 X 1 when investors bought common stock for $100,000
Bubba's Catfish, Inc., is a seafood restaurant in New Orleans. Bubba's began business in January 20 X 1 when investors bought common stock for $100,000 cash. Bubba's also borrowed $50,000 from Stateside Bank on January 15, on which it paid interest of $3,000 on July 15. In January the company invested $ 80,000 in machinery and equipment and signed a monthly rental agreement on a building with rental payments of $ 4,000 a month. During 20X1 Bubba's had net income of $ 14,000 on sales of $ 249,000. On December 15 the company declared and paid cash dividends of $2,000 to its common stockholders. On December 31 the company paid $ 10,000 to buy common shares back from the stockholders. Prepare a statement of cash flows from financing activities for the year 20X1
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