Question
Tasman Trading Company issued common stock for 320,000 USD on the first day of 20x0. The company bought fixed assets for 175,000 USD cash and
Tasman Trading Company issued common stock for 320,000 USD on the first day of 20x0. The company bought fixed assets for 175,000 USD cash and inventory for 75,000 USD cash. Late in the year, it sold fixed assets for cash equal to their book value of 20,000 USD. It sold one-half the inventory for 55,000USD cash during the year. On December 15, the company used excess cash of 65,000 USD to purchase common stock of Fellski Company, which Tasman regarded as a long term investment. Prepare a statement of cash flows investing activities for Tasman Trading Company. 5-37
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