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Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: Acquired $37,000 cash from the
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:
- Acquired $37,000 cash from the issue of common stock.
- Borrowed $33,000 cash from National Bank.
- Earned cash revenues of $55,000 for performing services.
- Paid cash expenses of $48,500.
- Paid a $1,700 cash dividend to the stockholders.
- Acquired an additional $27,000 cash from the issue of common stock.
- Paid $8,000 cash to reduce the principal balance of the bank note.
- Paid $60,000 cash to purchase land.
- Determined that the market value of the land is $84,000.
Determine the net cash flows from operating activities, investing activities, and financing activities that Maben would report on the Year 1 statement of cash flows.
Net cash flows from operating activities Net cash flows from investing activities Net cash flows from financing activitiesStep by Step Solution
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