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Cosmat Inc. reported net income of $128,000 for 20Y9. The liability and equity accounts from the companys comparative balance sheet are as follows: Dec. 31,
Cosmat Inc. reported net income of $128,000 for 20Y9. The liability and equity accounts from the companys comparative balance sheet are as follows:
Dec. 31, 20Y9 | Dec. 31, 20Y8 | |||||
Accounts payable | $57,920 | $53,810 | ||||
Dividends payable | 20,000 | 16,000 | ||||
Bonds payable | 290,000 | 450,000 | ||||
Common stock, $10 par value | 180,000 | 120,000 | ||||
Paid-in capital in excess of parcommon stock | 328,000 | 232,000 | ||||
Retained earnings | 488,000 | 375,000 |
During the year, the company retired bonds payable at their face amount, declared dividends of $15,000, and issued 6,000 shares of common stock for $26 per share.
Prepare the Cash Flows from (used for) Financing Activities section of the statement of cash flows. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.
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