Identifying and reporting noncash transactions [15 min]
Dirtbikes, Inc., identified the following selected transactions that occurred during 2012:
a. | Issued 1,250 shares of $2 par common stock for cash of $26,000. |
b. | Issued 5,500 shares of $2 par common stock for a building valued at $101,000. |
c. | Purchased new company truck with FMV of $28,000. Financed it 100% with a long-term note. |
d. | Paid short-term notes of $23,000 by issuing 2,400 shares of $2 par common stock. |
e. | Paid long-term note of $10,500 to Bank of Tallahassee. Issued new long-term note of $21,000 to Bank of Trust. |
Requirement
1. Identify any noncash transactions that occurred during the year and show how they would be reported in the noncash section of the cash flow statement.
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