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Selected information follows for Ivanhoe Select Corporation at December 31: 2021 2020 Bonds payable $706,450 $706,450 Mortgage notes payable 337,250 142,000 Common shares 39,050 31,950
Selected information follows for Ivanhoe Select Corporation at December 31:
2021 | 2020 | |||
Bonds payable | $706,450 | $706,450 | ||
Mortgage notes payable | 337,250 | 142,000 | ||
Common shares | 39,050 | 31,950 | ||
Retained earnings | 117,150 | 60,350 |
Additional information: | ||
1. | Principal payments on the mortgage payable were $17,750. | |
2. | A building was purchased for $355,000 by paying $142,000 cash and signing a mortgage note payable for the balance. | |
3. | Profit for the year was $102,950. |
Assuming the company reports under ASPE and all dividends have been paid, prepare the financing activities section of the cash flow statement. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
Ivanhoe Select Corporation Cash Flow Statement (Partial) December 31, 2021For the Year Ended December 31, 2021For the Month Ended December 31, 2021 | |||
Financing activities | |||
Payment to reacquire common sharesProfitRedemption of bonds payableRepayment of mortgage notes payablePayment of cash dividendsProceeds from issue of note payableIssuance of bonds payableIncrease in mortgage payablePurchase of buildingSale of common shares | $ |
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