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The following selected account balances are taken from the financial statements of Monty Inc. at its calendar year end prepared using IFRS: 2020 2019 Preferred
The following selected account balances are taken from the financial statements of Monty Inc. at its calendar year end prepared using IFRS:
2020 | 2019 | ||||
Preferred shares classified as equity | $149,000 | $149,000 | |||
Common shares: 9,000 shares in 2020, 10,000 shares in 2019 | 141,800 | 161,500 | |||
Contributed surplusreacquisition of common shares | 3,400 | 0 | |||
Cash dividendspreferred | 5,950 | 5,950 | |||
Stock dividendscommon | 14,000 | 0 | |||
Retained earnings (balance after closing entries) | 304,000 | 235,000 |
At December 31, 2020, the following information is available:
1. | Monty Inc. repurchased 2,000 common shares during 2020. The repurchased shares had a weighted average cost of $33,700. | |
2. | During 2020, 1,000 common shares were issued as a stock dividend. | |
3. | Monty Inc. chooses to classify dividends paid as financing activities. |
Provide the necessary disclosure for all of Monty Inc.s transactions on the statement of cash flows. Also state the section of the statement of cash flows in which each item is reported. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Monty Inc.'s (Partial) Statement of Cash Flow For the Month Ended December 31, 2020 Cash Flows from Investing Activities Common Shares Dividends Paid $ Payments on Repurchase of Common Shares
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